Cytec Buys $88M of Cytec Stock from Pension Plan
Cytec Industries Inc. (NYSE: CYT) announced today that it has completed the purchase of 1,184,273 shares of its common stock from its US pension plans in a private transaction for $87.8 million. This amount represents all of the Cytec shares contributed to the U.S. Pension Trust in May, 2009. Including this transaction and open market purchases, Cytec has purchased an aggregate of 3,077,063 shares for an aggregate of $228.4 million year to date, leaving approximately $321.7 million available for future repurchases under the most recent board authorization.
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