ARLINGTON HEIGHTS, ILL. (May 3, 4:20 p.m. ET) — Thirteen years after it became a joint venture, composites distributor Composites One LLC is 100 percent owned by the Dehmlow family once again.
The family's Synergy 55 Corp. business bought out the 51 percent stake in Composites One that had been owned by CCP Composites and CCP's Total Corp. affiliate. The other 49 percent had been owned by the Dehmlow family since 1999, when it was spun off from GLS Corp., the materials firm that the family later sold to PolyOne Corp. in 2007.
Although CCP/Total owned 51 percent of Composites One, CCP/Total and the Dehmlow family had equal voting rights in the Arlington Heights, Ill.-based firm.
Terms were not disclosed. Composites One announced the deal May 1.
Composites One owner Steve Dehmlow — who also owns Synergy 55 — said in a news release that there will be no change in market strategy, operating management structure or philosophy as result of the change in ownership.
CCP/Total “were great partners, sharing our core values while operating with a full commitment to safety and maintaining integrity in all relationships,” he added.
Composites One is the leading distributor of composite materials in the United States, company officials said. The firm operates from more than 30 locations, providing thousands of products from more than 500 suppliers to composite fabricators and molders.
Steve Dehmlow's father, Louis H.T. Dehmlow III, and two business partners founded the firm as Great Lakes Solvents in Chicago in 1940. Its principal business was distributing solvents for Shell Chemical Co. The firm later evolved into Composites One and GLS, a major producer of thermoplastic elastomers.