Cytec puts carbon fiber expansion on one-year hold

Cytec had announced in 2007 that it would double its carbon fiber capacity by 2010 once its new facility in South Carolina came online.

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Cytec Industries Inc. (Woodland Park, N.J., USA) announced its first quarter results on April 16 and reported that it has "reviewed its capital spending plans in light of the sharp reduction in demand. Taking into account its expectations of the future business environment and the impact on the overall demand profile for carbon fiber, the company has decided to delay the completion of the carbon fiber expansion project for at least 12 months. This decision will reduce the company’s forecast of total capital expenditures for 2009 to approximately $180 million, down from its prior estimate of $200 million. Cytec firmly believes that the long-term trend of higher usage of carbon fiber composites remains intact, and will continue to monitor market demand to determine the optimum time period to complete this project."

Cytec had announced in 2007 that it would double its carbon fiber capacity by 2010 once its new facility in South Carolina, USA, came online.