Cytec Industries Inc. Reports Operating Results (10-K)
Cytec Industries Inc. has a market cap of $2.79 billion; its shares were traded at around $56.5 with a P/E ratio of 15.7 and P/S ratio of 1. The dividend yield of Cytec Industries Inc. stocks is 0.9%. Cytec Industries Inc. had an annual average earning growth of 2.6% over the past 10 years.Hedge Fund Gurus that owns CYT: Kenneth Fisher of Fisher Asset Management, LLC, Joel Greenblatt of Gotham Capital, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns CYT: Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations: At June 30, 2010 the aggregate market value of common stock held by non-affiliates was $1,924,241,903 based on the closing price ($39.99 per share) of such stock on such date.
We are 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 composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics. We use our technology and application development expertise to create chemical and material solutions that are formulated to perform specific and important functions for our customers. We operate on a global basis with 34% of our 2010 revenues in North America, 39 % in Europe, Middle East, and Africa, 20 % in Asia-Pacific and 7% in Latin America. We have manufacturing and research facilities located in 16 countries. We had net sales of $2,748.3 and earnings from operations of $233.9 in 2010. Cytec was incorporated as an independent public company in December 1993.
On January 28, 2011, we entered into an Asset Purchase Agreement (the Agreement) with Television Acquisition Corp., an affiliate of HIG Capital, LLC (the Purchaser). Pursuant to the terms of the Agreement, we have agreed to sell to the Purchaser substantially all of the assets and certain liabilities of our Building Block Chemicals business (the Business) for a total consideration of $180.0, including cash consideration of $165.0 at closing and a promissory note for $15.0. The assets to be sold to the Purchaser include our Fortier plant located in Westwego, Louisiana, personal property, inventory, accounts receivable, contract rights and certain other assets that are used in or relate to the Business, all as further specified in the Agreement.
We began construction on a new carbon fiber line in South Carolina (forecasted to cost between $200.0 and $250.0) in early 2008, of which $161.0 has been spent as of December 31, 2010. On completion, the new production line will increase PAN carbon fiber capacity by over 50%. In the first quarter of 2009, we decided to delay the completion of the carbon fiber expansion project for at least eighteen months based on the markets projected demand profile. Taking into account our expectations of the future business environment, we are evaluating different market dynamics and the global carbon fiber demand profile to outline both our options and expected timing for project completion. To further advance carbon fiber reinforced composite materials technology, we entered into a strategic business collaboration with Mitsubishi Rayon Co., Ltd. (MRC), combining and sharing the technologies and engineering efforts for selected high-performance carbon composites applications in the structural materials aerospace market.
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