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Cytec Increases Stock Buyback Authorization to $650M

By Insider Scoop
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Courtesy of Benzinga.

Cytec Industries Inc. (NYSE: CYT) announced today approval by the company’s Board of Directors of an additional $452 million stock buyback authorization.   The total authorizations outstanding now amount to $650 million for the Company.

The Company expects to fund the repurchase program with a portion of cash proceeds from the sale of its Coating Resins business expected in the first quarter of 2013.  The repurchases will be made in compliance with, and at such times as permitted by, federal securities law and may be suspended or discontinued at any time.

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