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 April 3, 2013. The adoption of the new name - Allnex - is the first step towards establishing the company's new identity. "We are excited about our new name," said CEO Frank Aranzana. "We believe that it reflects who we are, what we stand for and what we want to achieve." The search for a name began with an employee contest in November 2012 that generated more than 300 possibilities. Those names gave inspiration to a global diversity group, which brainstormed further and incorporated advice from a leading branding agency.
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