SYNTHEON Inc. , the Pittsburgh manufacturer of the ACCEL-E® Steel Thermal Efficient Panel wall system and ELEMIX concrete additive, has been acquired by Headwaters AG, LLC and other private investors from NOVA Chemicals for an undisclosed sum. The acquisition of all SYNTHEON shares became effective December 4, 2012.
The acquired SYNTHEON businesses encompass ACCEL-E, ELEMIX and the SYNTHEON Chile operations, including its building products business and packaging business.
“There are many fundamental forces which are transforming the construction industry from being mainly a field-erected industry to an industry characterized by highly-engineered and energy-efficient materials, components, assemblies and systems, which are manufactured and fabricated for high performance,” stated Christian Echavarria, President & COO of Headwaters.
Ricardo Wiener Strauss, the former General Manager of NOVA Chemicals Chile Limitada, has been named CEO of SYNTHEON. “The acquisition of the portfolio of businesses gives us a strong global presence and foundation to build a premier enterprise,” stated Mr. Wiener Strauss. He continued that “Our focus for SYNTHEON will be to create an innovative family of products to provide a High-Performing Branded Green Envelope to the building and construction industry and expand other business lines that leverage the manufacturing assets of the company.”
The new SYNTHEON President for North America is Peter A. Humphrey, P.E., whose previous position with the company was Director of Design and Engineering. Mr. Humphrey has 22 years of experience in building and construction as both a structural engineer and project manager.
“As part of the strategic portfolio of building and construction products for SYNTHEON, the ACCEL-E and ELEMIX product lines will accelerate the growth of the business,” said Mr. Humphrey. “We are excited about the potential for these innovative product solutions as part of our larger growth initiative in the building and construction industry.”