Cytec Industries Inc. (CYT) announced that it received approval from its Board of Directors for a new stock buyback authorization of up to $200 million. The company anticipates the new stock buyback authorization to be completed by the end of September 2013.
In addition, the company said it expects to complete the current stock buyback authorization by June 11. At the completion the company will have purchased approximately 9 million shares for $650 million since the program was announced on October 9, 2012 using proceeds from the sale of the Coating Resins business.
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