Total, CCP sell stake in Composites One to Composites One

CCP Composites US, which is held by Total and had a 51 percent stake in resins distributor Composites One since 1999, has sold its share to Composites One for an undisclosed amount.

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Distributor Composites One (Arlington Heights, Ill., USA) reports that it has purchased from Total and CCP Composites US (North Kansas City, Mo., USA) those companies' 51 percent stake in Composites One.

Composites One was created in 1999 as a joint venture between CCP Composites and Synergy 55, a company owned and operated by the Dehmlow family. CCP held a 51 percent financial stake in Composites One, while Synergy 55 held a 49 percent financial stake. However, Composites One was jointly managed in a 50-50 relationship between the two firms.

Steve Dehmlow, CEO of CompositesOne and Synergy 55, says Total, which owns CCP, had a change in strategic direction and decided to divest its interest in Composites One. "We think it's a good move for Composites One, and I think CCP feels good about it as well," says Dehmlow. He adds that Composites One's market relationship with CCP is not expected to change; the companies work together to develop and present closed mold training seminars and clinics.

Terms of the transaction were not disclosed. The deal was closed on March 30.