Cytec Merges Divisions To Form Cytec Specialty Chemicals

Cytec Industries is to combine its two specialty chemical divisions, Cytec Surface Specialties and Cytec Performance Specialties, into a new unit named Cytec Specialty Chemicals. Cytec also announced that Shane Fleming, formerly President, Cytec Performance Specialties and a long time Cytec veteran has been named President of Cytec Specialty Chemicals and will relocate to Belgium.

David Lilley, Chairman, President and Chief Executive Officer commented, "These are very challenging times for the specialty chemicals industry. The Cytec chemicals businesses face significant challenges caused by weak economic conditions in Europe and North America, and already high raw material input and energy costs exacerbated by the impact of the recent hurricanes in the Gulf Coast of the United States. This requires us to ensure that our business costs are in line with the demand levels and that we continue to be prudent in our use of cash. As a company, we have faced these types of challenges before and have reacted positively by focusing on our customers, delivering superior products and applications technology and through our operational excellence initiatives acting in a cost effective manner.

"The new Cytec Specialty Chemicals organization will provide the base for a new level of business process improvements and cost efficiencies in such areas as manufacturing, procurement, supply chain and various other support functions. In addition, the new organization will also enhance our product line marketing and research focus at the customer, technology, sales and technical service level.

"Cytec Specialty Chemicals will be headquartered in Brussels, Belgium and will be made up of three business units as follows: Radcure and Powder Resins, Liquid Coating Resins and Performance Chemicals.

SOURCE: Cytec