Cytec Industries completed the sale of its Coating Resins business to Advent International, a global private equity firm for a total value of US$1.133 billion including assumed liabilities of approximately US$118 million in April. Cytec Coating Resins will now operate as Allnex, said a spokesperson at Chinaplas recently. “Allnex has been selected to go with our tag line All About Resins.”

“The sale of Coating Resins marks the completion of the transformation of Cytec’s portfolio and the beginning of a new Cytec,” said Shane Fleming, Chairman, President, and Chief Executive Officer, in a press statement. “We are now able to focus on our growth platforms comprised of advanced materials and separation technologies. We are excited about the future of our Company and the ability to drive long-term growth and greater returns to our shareholders.” The divestiture of the Coating Resins business of Cytec Industries to funds affiliated with Advent International was first announced in October 2012 and completed on 3 April. The adoption of the new name - Allnex - is the first step towards establishing the company's new identity.

A global company with US$1.5 billion in sales, Allnex is a supplier of resins for architectural, industrial, OEM and special purpose coatings. It is also a speciality chemicals pioneer and known for offering the broadest portfolio of liquid resins and additives, radiation cured and powder coating resins, and crosslinkers for use on wood, metal, plastic, and other surfaces. With manufacturing facilities and research and technology support centres.