Cytec Board Approves Stock Repurchase

WEST PATERSON, N.J. - Cytec Industries Inc. (NYSE:CYT) announced that its Board of Directors has approved a new $100 million authorization for the repurchase of Cytec's common stock. The Company will continue acquiring its shares utilizing open market purchases and various other methods. The new $100 million authorization represents about 7% of Cytec's equity market capitalization.

David Lilley, Chairman, President and Chief Executive Officer of Cytec Industries Inc. said, "The Company's earlier $100 million share repurchase program was completed ahead of plan because Cytec's strong operating performance and low share price provided an excellent return on investment. This new $100 million authorization was granted because we believe strongly in the value being generated by Cytec's future growth and strategic execution."

"Cytec's solid balance sheet, strong cash flow and investment grade debt rating provide the financial flexibility to grow our Platform businesses, while balancing this with another $100 million share repurchase program. In addition to cash flow from operations, we have generated over $50 million (after tax) cash from the recent disposition of Criterion Catalyst, as well as $90 million in (after-tax) cash from the recently completed sale of our Paper Chemicals business," Mr. Lilley concluded.

Corporate Profile

Cytec Industries Inc. is a specialty chemicals and materials technology company with 1999 sales of $1.4 billion and diluted earnings per share of $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, and water treatment. Cytec is in the S & P mid-cap 400 index.

Forward-Looking and Cautionary Statements

Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in Cytec's filings with the Securities and Exchange Commission.

Contact:Cytec Industries Inc. William (Bill) Cleary (Investment Community) 973/357-3298 George Yuro (Media) 973/357-3319