US Cytec coatings business operating as Allnex after sale to Advent

31 May 2013 15:10  [Source: ICIS news]

HOUSTON (ICIS)--US Cytec Industries’ coating resins business will begin operating as Allnex effective 1 June, nearly a month after the completion of its sale to private equity firm Advent International, the new company said on Friday.

Allnex is a global supplier of resins for architectural, industrial, original equipment manufacturer (OEM) and special purpose coatings.

Its portfolio includes liquid resins and additives, radiation cured and powder coating resins, as well as crosslinkers for wood, metal, plastics and other surfaces.

“We are excited about our new name,” Allnex CEO Frank Aranzana said. “We believe that it reflects who we are, what we stand for and what we want to achieve.”

Cytec announced in October 2011 that it was looking at options for its coating resins business, including a divestment.

The sale to Advent was completed in April for $1.13bn (€870m), including assumed liabilities of about $118m.

($1 = €0.77)

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By: Tracy Dang
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