Cytec announces new organization, names Fleming to head unit
Cytec Industries Inc. is combining its two specialty chemical divisions, Cytec Surface Specialties and Cytec Performance Specialties into a new unit named Cytec Specialty Chemicals. Shane Fleming, formerly president of Cytec Performance Specialties and a long time Cytec veteran, has been named president of the new unit and will relocate to Belgium...
WEST PATERSON, NJ, Oct. 26, 2005 (BUSINESS WIRE) -- Cytec Industries Inc. is combining its two specialty chemical divisions, Cytec Surface Specialties and Cytec Performance Specialties into a new unit named Cytec Specialty Chemicals. Shane Fleming, formerly president of Cytec Performance Specialties and a long time Cytec veteran, has been named president of the new unit and will relocate to Belgium. Ben Van Assche, formerly president of Cytec Surface Specialties and a company officer, will be leaving Cytec on Oct. 31.
David Lilley, chairman, president and CEO commented, "These are very challenging times for the specialty chemicals industry. The Cytec chemicals businesses face significant challenges caused by weak economic conditions in Europe and North America, and already high raw material input and energy costs exacerbated by the impact of the recent hurricanes in the Gulf Coast of the United States. This requires us to ensure that our business costs are in line with the demand levels and that we continue to be prudent in our use of cash. As a company, we have faced these types of challenges before and have reacted positively by focusing on our customers, delivering superior products and applications technology and through our operational excellence initiatives acting in a cost effective manner.
"The new Cytec Specialty Chemicals organization will provide the base for a new level of business process improvements and cost efficiencies in such areas as manufacturing, procurement, supply chain and various other support functions. In addition, the new organization will also enhance our product line marketing and research focus at the customer, technology, sales and technical service level.
"Cytec Specialty Chemicals will be headquartered in Brussels, Belgium and will be made up of three business units as follows: Radcure and Powder Resins, Liquid Coating Resins and Performance Chemicals.
"Ben Van Assche was instrumental in the integration of the acquired Surface Specialties business into Cytec and I want to wish him well in his future endeavors."
Lilley concluded, "Shane's immediate priority is to quickly develop strategies and plans to improve the operations of the businesses in the new Cytec Specialty Chemicals portfolio, and refine the 2006 business plans recognizing the growth opportunities in countries such as China, and in specific product lines such as Mining Chemicals and Radcure Resins, while observing the need to run a streamlined and cost effective operation."
Cytec Industries (www.cytec.com) is a specialty chemicals and materials technology company with pro forma sales in 2004, including the Surface Specialties acquisition, of about $3.0 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including: aerospace, coatings, mining, plastics and water treatment.