Cytec to Acquire Inspec Mining Chemical

WEST PATERSON, N.J. - Cytec Industries Inc. (NYSE:CYT) today announced that it had signed a definitive agreement for the acquistion of Inspec Mining Chemical (IMC), a manufacturer of specialty mining chemicals from Laporte PLC (London) for approximately $25 million. The acquisition is subject to normal closing conditions.

IMC has two manufacturing operations, as well as an R&D center, all in Chile. Annual sales in 1998 were approximately $16 million, primarily to the copper industry.

"This acquisition continues our strategy of investing in the growth of our core businesses, " said David Lilley, Chairman, President and Chief Executive Officer. "We expect IMC to be accretive to earnings per share in our first year of ownership."

"This business will be part of Cytec's Mining Chemical business along with two other recent acquisitions, Nottingham's industrial minerals product line and the Oreprep mineral processing business. These three acquisitions broaden the range of product and process technologies for our customers in this key area. We will also achieve snyergies in manufacturing, sales and administration," Lilley added.

IMC's strategic manufacturing and research base in Chilie provides the service and support capabilities to meet the strong projected market growth in one of the world's largest copper-producing regions and further enhances our global leadership in mining chemicals."

Company Profile

Cytec Industries Inc. is a specialty chemicals and materials technology company with 1998 sales of $1.4 billion and diluted earnings per share of $2.68. Its growth strategies are based on developing technologically advanced customer solutions for global markets including: aerospace, plastics, industrial coatings, mining, paper and water treatment industries. Cytec is in the S&P Mid-cap 400 index.

Contact: Cytec Industries Inc. William (Bill) Cleary (investment community) 973/357-3298 or George Yuro 973/357-3319