Cytec announces several initiatives to improve cash flow

13 Jan '09

4 min read

Dave Drillock, Vice President and Chief Financial Officer commented, “We are taking the steps necessary to maintain our financial strength in light of the lower demand we forecast in 2009. A key objective is to achieve a sustainable improvement in our net working capital and deliver approximately $200 million in additional cash flow by the end of 2009. Cytec has a strong balance sheet. With the aggressive actions just noted and taking into account the current demand outlook, we do not foresee any difficulties funding our planned investments in our growth businesses, the restructuring initiatives, debt service and our current dividend. Going forward, our stock repurchases will be modest at best given the economic turmoil and uncertainty.”

In closing, Mr. Fleming said, “We are confident that our initiatives will enable Cytec to navigate through the current uncertain economic environment and position us well for enhanced profitability when demand growth returns.”

Cytec Industries Inc. is a global specialty chemicals and materials company focused on developing, manufacturing and selling value-added products. Our products serve a diverse range of end markets including aerospace, adhesives, automotive and industrial coatings, chemical intermediates, inks, mining and plastics.

Cytec Industries Inc

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