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Cytec’s Earnings Dip; CEO Announces Retirement
10:16 AM MDT | October 17, 2008 | Nancy Seewald
Cytec Industries reported third-quarter earnings of $46.3 million, down 11% from the same period last year. Results included an after-tax charge of $4.9 million related to employee reductions in its specialty chemical business and the company’s planned closure of its Pampa, TX site. The year-ago quarter included an after-tax restructuring charge of $2.2 million, and a tax benefit of $3.5 million. Sales rose 10%, to $963 million. Separately, David Lilley, Cytec’s chairman and CEO, plans to retire effective December 31. Cytec has elected Shane Fleming...
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