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Henrico-based manufacturer Alchemco recently acquired Tech-Crete LLC, a North Dakota manufacturer.
Alchemco makes products used to clean, repair, protect, and waterproof concrete and masonry structures
Tech-Crete LLC was the creation of Curtis Nelson, a chemist and Korean War veteran who formed it in the 1970s.
"Tech-Crete's unique & innovative biochemical waterproofing technology is a great addition to our portfolio" said Alchemco CEO Mario Baggio, whose company had been negotiating the deal for a year. "The acquisition of Tech-Crete, LLC provides Alchemco with sole ownership of their proprietary, industry leading concrete protection formula."
Alchemco products are used on projects throughout North America, as well as on five different continents.
Terms of the transaction was not disclosed. Alchemco plans to hire 15-to-20 employees during the next three years, primarily in the sales and customer service categories. Company officials project that the acquisition will generate an additional $50 million in revenue during a five-year period.
"The acquisition of TechCrete’s waterproofing technology will help drive the future growth of our product lines in many countries around the world," said Baggio. "The Richmond area was selected as the base for the company’s global expansion because of the very ‘business friendly’ nature of the community, along with it being a great place to live and raise a family.”
