Composites One LLC, a distributor of composite materials, has announced that it is now wholly owned by Synergy 55 Corp.
Composites One's shares, which were previously owned by Total Corp. through its affiliate CCP Composites, were acquired through GLS Composites Distribution Corp., which is owned by Synergy 55.
The purchased shares were part of the Composites One LLC joint venture that was created in 1999, when GLS Composites Distribution Corp. 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 LLC, 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," notes Steve Dehmlow, CEO of Composites One.