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Cytec Industries Inc. announced on April 19 a change in its business segment reporting structure. The new reporting structure is effective in the first quarter of 2012 and provides greater clarity on the new strategic focus of the company. It also aligns with the separation alternatives under consideration for Coating Resins and Pressure Sensitive Adhesives. All product lines within the scope of the separation evaluation are now under common management and grouped into one financial reporting segment.
Going forward, Cytec’s reportable operating segments will be as follow:
The Engineered Materials segment now includes only the Advanced Composites, Carbon Fiber, and Structural Film Adhesives product lines. The Pressure Sensitive Adhesives product line has been consolidated within the Coating Resins segment.
The In Process Separation segment is unchanged and includes the Mining Chemicals and Phosphines product lines.
The Additive Technologies segment previously included the Polymer Additives and Specialty Additives product lines and now includes the Formulated Resins product line. The Formulated Resins product line was previously included in the Engineered Materials segment.
The Coating Resins segment includes the following product lines: Radiation-Cured Resins (Radcure Resins), Liquid Coating Resins and Additives (including Waterborne Resins, Solventborne Resins, and Urethane Resins), Powder Coating Resins, Amino Crosslinkers and Pressure Sensitive Adhesives. Pressure Sensitive Adhesives was previously included in the Engineered Materials segment.
Shane Fleming, Chairman, President, and Chief Executive Officer said, "The realignment of our reportable operating segments is consistent with our long-term view of the company and it will allow us to plan and execute on our strategy more effectively. As we continue to shift our portfolio towards higher growth and margin products, we will remain focused on building our growth platforms to deliver double digit growth and returns to our shareholders.
