12 May 2012
12 May 2012
Composites One is now wholly-owned by Synergy 55 Corporation after its shares, previously owned by Total Corporation through its affiliate CCP Composites, were acquired through an acquisition vehicle named GLS Composites Distribution Corporation which is owned by Synergy 55.
According to Composites One, the purchased shares were part of the Composites One joint venture which was created in 1999 when GLS Composites Distribution Corporation and CCP Composites joined their composites materials distribution businesses in North America. That partnership gave Total/CCP a 51 % share of the financial interest in Composites One, but voting control was equally shared between the two companies.
“Synergy 55 Corporation acted as the operating partner over the 13 years Composites One conducted business as a joint venture, so there will be no change in market strategy, operating management structure or philosophy,” said Steve Dehmlow, Synergy 55 Owner and CEO of Composites One. “We have nothing but the highest level of respect for Total and CCP Composites. They were great partners sharing our core values while operating with a full commitment to safety and maintaining integrity in all relationships.”