ORLANDO, FLA. (Feb. 14, 11:30 p.m. ET) -- Unable to obtain additional financing from its equity investors, 4-year-old Tech-composite wood plastic boards North America -
- which was attempting to gain a foothold in the siding market with a product made from liquefied polypropylene and oriented long-strand pinewood fibers – is in the process of shutting down.
- which was attempting to gain a foothold in the siding market with a product made from liquefied polypropylene and oriented long-strand pinewood fibers – is in the process of shutting down.
Former president and CEO Peter Kotiadis, who had high hopes that the company’s Tech-Plank siding would become the next vinyl, has already been hired as director of product development for cellular PVC and composite decking manufacturer Fiberon LLC.
“He’s already helped us with our processes,” said Bill Ross, vice president of sales for theCharlotte, N.C., company, in an interview at the International Builders Show, held Feb. 8-11 inOrlando.
Kotiadis said the decision to shutter Tech-Wood was made in December. He said Tech-Wood is in the process of shutting down, and will file for bankruptcy soon.
wood plastic composite material had invested more than $10 million into the Wood 2.0 technology that it was using to make its siding. Just one year ago, it had begun manufacturing the siding at the company’s plant in Greenwood, S.C., which closed in January. Kotiadis had also unveiled plans to make fencing and window sashes and frames from the same technology, and last year began cutting the tooling to make those sashes and frames.
wood and plastic composite had hoped to make headway in the siding market because its polymer-enhanced products, according to Kotiadis, were twice as strong as fiber cement and 35 percent lighter. They also were stronger and stiffer and had a higher thermal rating than many wood windows, he said. Its products were made by encapsulating resin-free, bone-dry oriented long-strand pine-wood fibers with liquefied polypropylene through a continuous extrusion process, with fibers making up roughly 75 percent of the product, and PP the rest.
Kotiadis -- a former Royal Group Inc. executive -- had also banked on
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