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Brunswick, GA, November 7, 2011
Pinova Holdings, Inc. announces the appointment of Theodore H. Butz as President and Chief Executive Officer
Pinova Holdings, Inc. (“Pinova Holdings”), a global leader in manufacturing natural and renewable specialty chemicals, announced today that it has named Theodore (Ted) H. Butz as President and Chief Executive Officer (CEO). Mr. Butz will also be joining the Pinova Holdings Board of Directors.
Mr. Butz brings over 20 years of experience in building specialty chemicals businesses. Prior to joining Pinova Holdings, he was Group President for the Specialty Chemicals business at FMC Corporation (NYSE: FMC). During his tenure at FMC, Mr. Butz held a variety of leadership positions in markets serving food ingredients, pharmaceuticals, personal care, biomaterials, energy storage, and polymer customers. He also had responsibility for FMC’s corporate strategy, corporate development and health and safety activities. Earlier in his career with FMC, Mr. Butz served as General Manager of the BioPolymer and Food Ingredients Divisions as well as Managing Director for FMC’s Asian operations based in Hong Kong. Prior to joining FMC, he held multiple leadership positions at American National Can, Staley Continental, Dole Foods and the Clorox Company.
“We are thrilled to have someone of Ted’s caliber to lead and grow Pinova Holdings,” said David Bookbinder, Chairman of Pinova Holdings. “Ted’s extensive experience leading global specialty chemicals businesses made him the ideal choice for CEO. He has a proven track record of growing companies, developing and executing long-term strategy, and seizing new opportunities to create value through organic growth and acquisitions.”
“I am very excited to be joining the Pinova Holdings team,” said Mr. Butz. “Pinova Holdings’ operating companies, Pinova and Renessenz, have a long history of providing their global customers with unique and innovative natural specialty products. I am delighted to be joining a company that has a tremendous track record, an impressive leadership team, dedicated employees, unique capabilities and chemistries, and a strong global customer base of industry leaders. My goal is to build on a century-long history of innovation, quality and customer service and continue to grow our business globally.”
Mr. Butz holds an M.B.A. from the University of San Francisco and a B.S. in Finance from Arizona State University.
October 12, 2011
Pinova, Inc Celebrates 100 Years of Operational Excellence
On Saturday, October 8, 2011, Pinova, Inc celebrated its 100th Anniversary with a large event on its grounds. Over 1,600 retirees, employees and honored guests gathered together to celebrate and remember the Brunswick plant’s history. During the event, retirees and current employees reminisced about their roles in creating today’s Naval Stores industry. Additionally, many discussed and recalled the vast number of products developed during their tenure at the plant. Long time employees spoke of their deep pride in the legacy created for future Brunswick plant employees.
Several local and state-wide leaders spoke at the celebration, including State Senator William Ligon, State Representative Alex Atwood, and State Representative Roger Lane. Additionally, Pinova, Inc’s own Vice Presidents, Ken Kennedy and Pat Grozier, addressed the crowd. David Bookbinder, Executive Chairman of Pinova Holdings, spoke of the pride that the owners feel in the business, as well as the great enthusiasm and work ethic of the 240 current employees. At the end of the ceremony, a video highlighting retirees and current employee’s memories of the plant was played.
The event featured plant tours, live bands, and adult and youth games. Attendees received a commemorative coin to celebrate the achievement of reaching 100 years of operation. A slideshow featuring plant photos, both past and present, played throughout the event as well.
Pinova, Inc provides differentiated specialty products, services and solutions for many of the world’s most essential industries. Pinova’s premium performance rosin and polyterpene resins meet the exacting demands of customers in over 100 countries worldwide – serving the food and beverage, personal care, adhesive, construction, agriculture and a host of other specialized markets. One of the largest and oldest specialty resin suppliers, Pinova is a producer of refined wood rosin and natural wood terpenes from renewable pine stumpwood. Pinova’s unique manufacturing process includes specialized wood rosin extraction techniques and carefully controlled refining to produce an exclusive line of high performance resins. Additionally, the heritage, relationships and roots extend throughout numerous generations in the pine chemicals industry. Pinova’s supply chain of pine stumps, crude sulfate turpentine (CST) and citrus d-limonene, provides excellent security of supply and the basic raw materials for the manufacture of polyterpene resins and rosin derivatives.
Brunswick, GA and Jacksonville, FL August 5, 2011
Pat Grozier and Ken Kennedy named Vice Presidents of Pinova, Inc.
David Bookbinder, Executive Chairman of Pinova Holdings, Inc and the Pinova Holdings Board of Directors are pleased to announce that effective August 1, 2011, Ken Kennedy and Pat Grozier will assume joint profit and loss responsibility for Pinova, Inc. In recognition of this additional responsibility, both Ken and Pat will become Vice Presidents of Pinova, Inc.
This addition of corporate responsibility to their historical functional roles recognizes the strong contribution both have made to Pinova's success to date. It also reflects the key roles that they will play in Pinova's future growth.
Pat Grozier is a 25 year veteran of the Brunswick Plant. Throughout his tenure, he has held numerous positions in manufacturing, supply chain management, and engineering. He currently holds the position of Director of Operations. Outside work, he enjoys playing golf. Pat is a graduate of the University of Notre Dame and is a proud father of Kevin, a rising senior in Georgia Tech’s nuclear engineering program.
Ken Kennedy is a graduate of North Carolina State University with a 33 year career in the pine chemicals industry. He has held numerous positions in this field including research and development, applications technology, as well as sales and marketing. Currently, he is the Global Director of Technology, Sales and Marketing for Pinova, Inc. Ken holds numerous patents in resin technology and has written articles throughout his career on the chemistry and application of resins derived from natural pine chemicals.
Pinova, Inc provides differentiated specialty products, services and solutions for many of the world’s most essential industries. Pinova’s premium performance rosin and polyterpene resins meet the exacting demands of customers in over 100 countries worldwide – serving the food and beverage, personal care, adhesive, construction, agriculture and a host of other specialized markets. One of the largest and oldest specialty resin suppliers, Pinova is a producer of refined wood rosin and natural wood terpenes from renewable pine stumpwood. Pinova’s unique manufacturing process includes specialized wood rosin extraction techniques and carefully controlled refining to produce an exclusive line of high performance resins. Additionally, the heritage, relationships and roots extend throughout numerous generations in the pine chemicals industry. Pinova’s supply chain of pine stumps, crude sulfate turpentine (CST) and citrus d-limonene, provides excellent security of supply and the basic raw materials for the manufacture of polyterpene resins and rosin derivatives.
Brunswick, GA and Jacksonville, FL December 22, 2010
Pinova Holdings Acquires LyondellBasell Flavors & Fragrances, LLC.
LBFF renamed Renessenz, well positioned for continued growth.
December 22, 2010; Brunswick, GA and Jacksonville, FL – Pinova Holdings, Inc. (“Pinova Holdings”), the parent company of Pinova, Inc. (“Pinova”), today announced that it has acquired LyondellBasell Flavors & Fragrances, LLC (“LBFF”) from LyondellBasell. LBFF has more than 400 customers in 48 countries and is one of the world’s largest producers of terpene flavor and fragrance ingredients derived from natural and renewable raw materials. Pinova is a leading global supplier of wood and gum rosin and polyterpene resin specialty chemicals derived from natural and renewable raw materials. Together, the combined companies will have sales of more than US$250 million and about 450 employees.
“We are very pleased to welcome LBFF into the Pinova family,” said David Bookbinder, Executive Chairman of Pinova Holdings. “This is an excellent business with a long history of successful innovation, industry leading customers, a broad array of products, and experienced and dedicated employees. We plan to invest in LBFF and its people, just as we have done with Pinova, with the aim of generating growth by delighting our customers through innovation and outstanding service. We believe that LBFF is a great strategic fit including a similar natural and renewable raw material platform. In addition they embrace our commitment to community and employee involvement, safety and environmental responsibility.”
LBFF will proudly take on its new name, Renessenz, and will operate as an independent, sister company to Pinova. With manufacturing facilities and offices in Jacksonville, Florida and Brunswick, Georgia, Renessenz will continue to be led by its current management team. For more information about Renessenz, visit www.renessenz.com.
“This is a very positive transaction for our employees, suppliers, customers and other stakeholders,” said Michael Wimberly, Vice President, Flavors and Fragrances, LyondellBasell Industries. We are excited by this opportunity to grow our business and to continue to provide outstanding services to our global customer base. Pinova and Renessenz have strong business and personal relationships today and we look forward to growing with them.”
Pinova Holdings is a portfolio company of TorQuest Partners, a leading Canadian private equity firm. Matthew Chapman, a Partner at TorQuest, said: “TorQuest originally invested in Pinova as a platform for growth in the specialty chemical sector. The acquisition of Renessenz represents the next step in that strategy. We believe Renessenz is well positioned to grow as a leading, global provider of flavor and fragrance ingredients derived from natural and renewable materials. We have been deeply impressed by the management team and we are committed to investing in the business and its people so that it can continue to grow and serve the flavor and fragrance and specialty chemical needs of its customers. Combining two industry-leading companies in the specialty chemical sector provides an outstanding opportunity to build a great company that is positioned for long term growth and value creation.”
“Since we invested in Pinova earlier this year, we have seen the business grow considerably, thanks to the hard work and commitment of its employees. TorQuest will continue to assist Pinova Holdings in implementing its growth strategy including pursuing further acquisition opportunities on a global basis,” added Mr. Chapman.
Brunswick, GA October 22, 2010
Pinova, Inc. Debuts New Product: Piccolyte® A25 – Polyterpene Resin
As of October 2010, Pinova, Inc. commenced production of Piccolyte® A25 to compliment its existing Piccolyte® A series of resins. This polyterpene resin is derived from turpentine and has numerous applications and benefits. It can be used as a retention aid for agricultural chemicals, a film former and fixative agent. Additional uses include tackifier for pressure sensitive adhesives, plasticizer and lubricant. The product has a variety of benefits including broad compatibility and improved low temperature performance. Call customer service at 1-888-807-2958 for ordering information.
Pinova, Inc provides differentiated specialty products, services and solutions for many of the world’s most essential industries. Pinova’s premium performance rosin and polyterpene resins meet the exacting demands of customers in over 100 countries worldwide – serving the food and beverage, personal care, adhesive, construction, agriculture and a host of other specialized markets. One of the largest and oldest specialty resin suppliers, Pinova is a producer of refined wood rosin and natural wood terpenes from renewable pine stumpwood. Pinova’s unique manufacturing process includes specialized wood rosin extraction techniques and carefully controlled refining to produce an exclusive line of high performance resins. Additionally, the heritage, relationships and roots extend throughout numerous generations in the pine chemicals industry. Pinova’s supply chain of pine stumps, crude sulfate turpentine (CST) and citrus d-limonene, provides excellent security of supply and the basic raw materials for the manufacture of polyterpene resins and rosin derivatives.
Brunswick, GA September 10, 2010
Pinova, Inc. Training Initiative, in Partnership with Georgia Quick Start and Altamaha Technical College
Pinova, Inc is beginning a training partnership with Georgia Quick Start in support of their production facility located in Brunswick, Georgia. Quick Start was brought in to assist Pinova in partnership with the Glynn County Development Authority and its mission to stimulate the economy, create new jobs, and ease access to state and local resources.
Quick Start is Georgia’s premiere economic development program, administered through the Technical College System of Georgia. The Quick Start program is an economic incentive program that provides employee training, at no cost, for qualified companies moving into the state, and qualified existing companies that are expanding their work force or adding new technology in order to retain local jobs. The Quick Start program has been in existence since 1967. During this time, more than 613,832 students have benefited from Quick Start services in a wide variety of more than 5,149 expansion and relocation projects.
The Quick Start training plan is the result of a project study conducted at the company’s manufacturing facility in Brunswick, Georgia. Quick Start designs and develops the training programs and materials in addition to providing instructors who deliver the custom designed programs. The Quick Start training program for Pinova includes job specific training for the various manufacturing positions. Quick Start’s classroom and hands-on training program includes manufacturing facility process and task training.
The partnership will not end when the Quick Start training is completed. Altamaha Technical College will be available to assist Pinova with ongoing training programs and to provide graduates for potential employment with the company. Altamaha Technical College, a unit of the Technical College System of Georgia, is one of the area’s top providers of workforce development and contract training for follow-up when Georgia Quick Start services conclude.
Pinova, Inc provides differentiated specialty products, services and solutions for many of the world’s most essential industries. Pinova’s premium performance rosin and polyterpene resins meet the exacting demands of customers in over 100 countries worldwide – serving the food and beverage, personal care, adhesive, construction, agriculture and a host of other specialized markets. One of the largest and oldest specialty resin suppliers, Pinova is a producer of refined wood rosin and natural wood terpenes from renewable pine stumpwood. Pinova’s unique manufacturing process includes specialized wood rosin extraction techniques and carefully controlled refining to produce an exclusive line of high performance resins. Additionally, the heritage, relationships and roots extend throughout numerous generations in the pine chemicals industry. Pinova’s
supply chain of pine stumps, crude sulfate turpentine (CST) and citrus d-limonene, provides excellent security of supply and the basic raw materials for the manufacture of polyterpene resins and rosin derivatives.
Pinova is not only a major manufacturer in the state of Georgia, but its roots in Brunswick, Georgia run four generations deep. A strong community supporter, Pinova’s connection with the Quick Start program furthers its commitment to both the local and state-wide economy as well. Pinova is proud of its heritage and looks to future generations of employees for continued growth for years to come.
cGMP stands for current good manufacturing practices and represents the rules and regulations set forth by the FDA and Georgia Department of Agriculture as the standard for manufacturing practices of food products. GMPs describe the methods, equipment, facilities, and controls for producing processed food. As the minimum sanitary and processing requirements for producing safe and wholesome food, they are an important part of regulatory control over the safety of the nation's food supply. GMPs also serve as one basis for FDA inspections.
HACCP is a management system, recognized by the FDA and the Georgia Department of Agriculture, in which food safety is addressed through the analysis and control of biological, chemical, and physical hazards from raw material production, procurement and handling, to manufacturing, distribution and consumption of the finished product.
The Georgia Department of Agriculture began its work in 1874, making it the oldest state department of agriculture in the United States. The official mission of the Georgia Department of Agriculture is “to provide excellence in services and regulatory functions, to protect and promote agriculture and consumer interests, and to ensure an abundance of safe food and fiber for Georgia, America and the world by using state-of-the-art technology and a professional workforce. The department protects consumers, promotes agriculture both locally and globally and assists our customers using education, technology and a professional workforce.”
Pinova, Inc provides differentiated specialty products, services and solutions for many of the world’s most essential industries. Pinova’s premium performance rosin and polyterpene resins meet the exacting demands of customers in over 100 countries worldwide – serving the food and beverage, personal care, adhesive, construction, agriculture and a host of other specialized markets. One of the largest and oldest specialty resin suppliers, Pinova is a producer of refined wood rosin and natural wood terpenes from renewable pine stumpwood. Pinova’s unique manufacturing process includes specialized wood rosin extraction techniques and carefully controlled refining to produce an exclusive line of high performance resins. Additionally, the heritage, relationships and roots extend throughout numerous generations in the pine chemicals industry. Pinova’s supply chain of crude sulfate turpentine (CST) and citrus d-limonene, provides excellent security of supply and the basic raw materials for the manufacture of polyterpene resins.
For further information, please contact our Customer Service department at customerservice@pinovasolutions.com.
TorQuest Partners, a leading Canadian private equity fund manager, announced today that it has completed the acquisition of Ashland Inc.'s (NYSE: ASH) rosin and terpene resins business. The newly independent business will operate as Pinova, Inc.
TorQuest's acquisition of Pinova includes the transfer of the business and the approximately 200 employees supporting it, along with an associated manufacturing facility in Brunswick, Georgia. Pinova is the world's only supplier of wood rosin products. Pinova's products are used in a variety of applications in the adhesives, construction, beverage, personal care and agriculture markets.
"We are pleased to have completed the acquisition of Pinova," said Matthew Chapman of TorQuest Partners. "This is a strong, profitable business with market leading products, a robust customer base, a skilled and dedicated workforce, and a history of innovation, operational excellence and technological leadership."
"Our plan is to invest in this business and its people. We intend to grow Pinova through the development of new products and applications, through geographic expansion, and by capitalizing on Pinova's abundant supply of raw materials from the sustainably managed pine forests of the southeastern United States," added Mr. Chapman.
TorQuest plans to expand Pinova's current workforce by approximately 10% to facilitate the transition to a stand-alone company and support future growth. Pinova's existing management team will continue to operate the business. TorQuest has also assembled a Board of Directors for Pinova that includes executives with substantial chemicals industry and business experience.
"This is a very exciting opportunity for Pinova," said Pat Grozier, Pinova's Director of Operations. "In TorQuest, we are welcoming an owner that has deep experience in our industry, a longstanding commitment to safety and environmental responsibility, and a proven track record of acquiring assets like Pinova and growing them into strong, independent companies. We expect a seamless transition to our new ownership."
