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Speciality chemicals and materials maker Cytec Industries announced that it will be completing its previously authorised US$650 share repurchase programme that it had announced last October and the board of directors has authorised a new US$200M buyback plan.
Cytec said it should have completed the original programme by June 11, at which time it will have bought back some 9M shares. It will use the proceeds from the sale of its coatings business to finance the new repurchase programme.