Tech-Wood North America shutting down

Mike Verespej

Published: February 14, 2012 6:00 am ET

Related to this story

Topics Materials Suppliers Sustainability Construction Pipe/Profile/Tubing
Companies & Associations

ORLANDO, FLA. (Feb. 14, 11:30 p.m. ET) — Unable to obtain additional financing from its equity investors, 4-year-old Tech-Wood North America — which was attempting to gain a foothold in the siding market with a product made from liquefied polypropylene and oriented long-strand pinewood fibers – is in the process of shutting down.

Former president and CEO Peter Kotiadis, who had high hopes that the company’s Tech-Plank siding would become the next vinyl, has already been hired as director of product development for cellular PVC and composite decking manufacturer Fiberon LLC.

“He’s already helped us with our processes,” said Bill Ross, vice president of sales for the Charlotte, N.C., company, in an interview at the International Builders Show, held Feb. 8-11 in Orlando.

Kotiadis said the decision to shutter Tech-Wood was made in December. He said Tech-Wood is in the process of shutting down, and will file for bankruptcy soon.

Tech-Wood had invested more than $10 million into the Wood 2.0 technology that it was using to make its siding. Just one year ago, it had begun manufacturing the siding at the company’s plant in Greenwood, S.C., which closed in January. Kotiadis had also unveiled plans to make fencing and window sashes and frames from the same technology, and last year began cutting the tooling to make those sashes and frames.

Tech-Wood had hoped to make headway in the siding market because its polymer-enhanced products, according to Kotiadis, were twice as strong as fiber cement and 35 percent lighter. They also were stronger and stiffer and had a higher thermal rating than many wood windows, he said. Its products were made by encapsulating resin-free, bone-dry oriented long-strand pine-wood fibers with liquefied polypropylene through a continuous extrusion process, with fibers making up roughly 75 percent of the product, and PP the rest.

Kotiadis — a former Royal Group Inc. executive — had also banked on the product’s color versatility as a marketing advantage because it was possible to make Wood 2.0 products in hundreds of colors at no premium cost compared with vinyl, and at one-third to one-half the price of competing fiber cement products.

Tech-Wood North America had held exclusive North American rights to the Wood 2.0 technology through a license from Tech-Wood International Ltd. of Birmingham, England. Tech-Wood North America was a four-year-old independent company with financial backing from a U.S.-owned and -controlled investor group that has no connection with Tech-Wood International BV of Rotterdam, Netherlands, which filed for bankruptcy a year ago, Kotiadis said.

The rights to the technology revert to Tech-Wood International Ltd.

“We have created a product without any premium or additional cost that has the high-end look of wood and yet installs like vinyl siding. It has greater strength and mass than fiber cement siding — but without the maintenance and installation issues,” said Kotiadis in an interview with Plastics News two years ago. And Kotiadis had plans to someday have a complete Wood 2.0 siding system — including corners, soffits, J-channels and fascia boards. “I believe that someday I can build an entire house out of Tech-Wood and, other than pure wood, I don’t think you can do that with any other material.”


Comments

Tech-Wood North America shutting down

Mike Verespej

Published: February 14, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

PolyOne launches Geon BIO PVC using soy-based materials

April 24, 2015 11:48 am ET

More than a decade of research is paying off for Battelle Memorial Institute in the form of Geon BIO PVC compounds from PolyOne Corp.    More

Image

Study suggests infants at lower risk from BPA exposure than expected

April 23, 2015 4:58 pm ET

A new study shows that newborn babies may have less risk from bisphenol A exposure than originally thought.    More

Image

Braskem and Odebrecht reconsidering West Virginia plastics project

April 23, 2015 2:54 pm ET

Brazilian firms Braskem and Odebrecht have confirmed that they are re-evaluating Project Ascent, the major plastics and petrochemicals project they...    More

Image

DuPont center in India gets LEED Certification

April 23, 2015 1:07 pm ET

DuPont Co.'s Knowledge Center in Hyderabad, India, was awarded LEED certification by the U.S. Green Building Council.    More

Image

SiVance opens new R&D lab

April 23, 2015 12:07 pm ET

Milliken & Co. unit SiVance LLC has opened a new research and development lab for silicone and silane technologies in Gainesville, Fla.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events