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

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

Atkore expands in PVC conduit, buying American Pipe & Plastics

October 20, 2014 6:06 pm ET

Atkore International Inc. of Harvey, Ill., has acquired PVC conduit maker American Pipe & Plastics Inc. of Kirkwood, N.Y., which serves the...    More

Image

Trexel charges patent infringement against Taiwan company

October 20, 2014 3:25 pm ET

Trexel Inc., the supplier of the MuCell microcellular foaming technology, is accusing a Taiwanese company, Chuan Lih Fa Machinery Works, of violating ...    More

Materials firm realigns business divisions

October 20, 2014 1:23 pm ET

Trinseo S.A., formerly known as Styron L.L.C., is realigning its business divisions, creating two new business groups — Performance Materials...    More

Image

Humanoid robot provides inspection service with a smile

October 17, 2014 6:00 am ET

Everyone knows robots can improve production and quality. But no one says they can't show a little personality while they're working.    More

Image

Hasco gets into augmented reality

October 17, 2014 6:00 am ET

Mold makers may be used to seeing cores and pins on the exhibition stand of a supplier — but not augmented reality that looks like it comes from...    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

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

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

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

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

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events