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ASBESTOS LITIGATION: Cytec Still Facing 8,100 Claims at Dec. 31
Cytec Industries Inc. faced 8,100 asbestos-related claims during the year ended Dec. 31, 2008, compared with 8,200 claims during the year ended Dec. 31, 2007.
The Company faced 8,100 asbestos-related claims during the nine months ended Sept. 30, 2008. (Class Action Reporter, Nov. 14, 2008)
The Company has been named as one of hundreds of defendants in a number of lawsuits filed in the United States by persons alleging bodily injury from asbestos. The claimants allege exposure to asbestos at facilities that the Company owns or formerly owned or from products that it formerly manufactured for specialized applications.
Historically, most of the closed asbestos claims against the Company have been dismissed without any indemnity payment by the Company.
During the year ended Dec. 31, 2008, the Company recorded 200 claimants with claims closed during period and 100 claimants with claims opened during period.
During the year ended Dec. 31, 2007, the Company recorded 700 claimants with claims closed during period and 300 claimants with claims opened during period.
Headquartered in Woodland Park, N.J., Cytec Industries Inc. is a specialty chemicals and materials company focused on developing, manufacturing and selling value-added products. Products serve end markets including aerospace, adhesives, automotive and industrial coatings, construction, chemical intermediates, inks, mining and plastics.
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