Cytec Plans Additional $200 Million in Buybacks by September

Specialty chemicals and materials maker Cytec Industries  announced this morning that it will be completing its previously authorized $650 million share repurchase program that it had announced last October, and the board of directors has authorized a new $200 million buyback plan.

Cytec said it should complete the original program by June 11, at which time it will have bought back some 9 million shares. It will use the proceeds from the sale of its coatings business to finance the new repurchase program. It anticipates the new stock buyback authorization will be completed by the end of September.

Cytec VP and CFO David Drillock said: "With the coatings separation process mostly behind us, mostly stable end markets, and our positive outlook for Cytec`s future, we feel it is appropriate to reward our shareholders with the remaining excess cash proceeds from the coating resins divestiture."


Based in Woodland Park, N.J., Cytec Industries recorded revenues of $1.8 billion in the trailing 12-month period ending March 31.

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The article Cytec Plans Additional $200 Million in Buybacks by September originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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