Cytec Industries Inc. (NYSE:CYT) announced today that the company has received regulatory approval from the U.S. EPA to market ECO2FUME® phosphine fumigant for food applications, including grains, nuts and fruits. Cytec secured EPA approval in December 1999 to market the fumigant for non-food applications.
ECO2FUME is an environmentally friendly, non-flammable fumigant that is easily applied to control insects in stored, post-harvest commodities. ECO2FUME fumigant can be an effective alternative to methyl bromide in stored product or structural applications and is the first new alternative approved by the U.S. EPA. Methyl bromide, an ozone-depleting chemical is currently being phased out, according to the provisions of the Montreal Protocol, and will be banned in all developed countries by 2005. The global market targeted for ECO2FUME fumigant is estimated at $40 million representing the post-harvest uses of methyl bromide as well as metallic phosphide fumigants.
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“This approval supports our continued strategy to invest in the technological growth of our core businesses to satisfy growing customer demands,” said David Lilley, chairman, president and chief executive officer. “The approval also complements our global leadership position in other phosphine-based specialty markets.”
Cytec acquired the core assets of BOC Gases’ global phosphine fumigants business in August 1999 for approximately M$4.5 including contingent payments. In addition to the current business, primarily in Australia, Cytec acquired the worldwide rights to BOC’s ECO2FUME® trademark, other intellectual property, and existing and pending government regulatory registrations.
Cytec Industries Inc. is a specialty chemicals and materials technology company with 1999 sales of $1.4 billion and diluted earnings per share of $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, and water treatment. Cytec is in the S&P Mid-cap 400 index.
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