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People & Business :: Companies
Cytec Launches New Share Buyback
December 9, 2011 | Vincent Valk
Cytec today announced a new $200 million share repurchase program, to replace a $150 million program launched in January that has been “essentially completed.” The company buys back shares on the open market at the discretion of management. Cytec views share buybacks as a way to increase value, says CEO Shane Fleming. The company had about $406 million in cash and cash equivalents and 46.9 million shares outstanding as of the end of the third-quarter. It is currently trading at about $47/share, near the mid-point of its 52-week range. Cytec...
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