Cytec Founding Board Member Resigns
WEST PATERSON, N.J. - Cytec Industries Inc. (NYSE:CYT) announced that Darryl D. Fry retired from Cytec's Board of Directors, effective today.
Mr. Fry was an Executive Vice President and member of the Executive Committee of American Cyanamid Company from January 1991 to December 1993, and prior to that was a Group Vice President and President of Cyanamid's Agricultural Chemicals Business. Mr. Fry inspired and led the spin off of Cyanamid's chemicals business to found Cytec in 1993, serving as Chairman and Chief Executive Officer of Cytec from its formation in December 1993 until May 1998, and as Chairman until his retirement in January 1999.
David Lilley, Cytec's Chairman, President and Chief Executive Officer said, "Darryl's inspirational leadership in the formation and growth of Cytec was a major factor in its success. When he retired, Darryl committed to remain on the Board for a two-year period, which has now come to an end. His broad industry experience, challenging insights and commitment to shareholder value have been invaluable. We shall miss Darryl, and we wish him and his family all the best."
Cytec Industries is a specialty chemicals and materials technology company with sales in 2000 of $1.5 billion and diluted earnings per share of $2.85 (excluding special items). 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.
Contact:Cytec Industries Inc., West Paterson Investment Community: William (Bill) Cleary, 973/357-3298 www.cytec.com or George Yuro, 973/357-3319