Specialty Coating and Laminating, LLC Purchases Manufacturing Facility in Doswell
Specialty Coating & Laminating, LLC (SC&L), has completed the acquisition of substantially all of the real estate and production equipment of Covalence Specialty Coatings, LLC's (Covalence) manufacturing facility in Doswell, Virginia. SC&L, founded by the Richmond, Virginia-based investment banking firm Smither & Company and led by Chief Executive Officer Geoff Baldwin, is a manufacturer of poly extrusion and aqueous coated paper and paperboard products, primarily for the flexible packaging, food-service and paper industries. Products produced by SC&L include poly-laminated roll wrap, functional coatings on paperboard such as oil and grease resistance, water resistance or anti-skid, extrusion coatings and laminates, coated woven and non-woven synthetic reinforcements, and many other flexible packaging and food service packaging products.
The asset acquisition has directly resulted in saving 30 jobs in Hanover County while preserving the on-going manufacturing operation and resultant tax base for the County of Hanover. Specialty Coating & Laminating's manufacturing facilities total in excess of 250,000 square feet over 18 acres. With a unique set of manufacturing capabilities and an experienced management team and employee base that includes many former employees of the Covalence facility, SC&L is able to provide high performance products and outstanding service at competitive costs.
SC&L is one of the only facilities in the world that has both extrusion coating & laminating and aqueous coating in one plant. This fact, combined with the ability to process extra wide (up to 136″) product widths, makes SC&L uniquely suited to handle many projects that would normally require more than one manufacturer. The new company also has a heavy emphasis on product development and technical support, with an experienced management team with proven success in product innovation.
“The acquisition of the former Covalence Specialty Coatings facility is a win-win situation for Hanover County and the Commonwealth of Virginia,” said Aubrey M. Stanley, Beaverdam District's representative on the Hanover Board of Supervisors. “The project saves 30 jobs, and the company plans to add nearly 70 more jobs over the next three years.”
“Specialty Coating & Laminating's ability to work collaboratively with Covalence and the County of Hanover to structure and complete the acquisition creates a great opportunity for everyone, including many experienced and loyal employees who have worked in this facility for many years,” stated Ken Smither, Chairman of SC&L and the President of Smither & Company. “Further, we were able to attract a proven executive management team with substantial experience not only in the industry but in our Doswell manufacturing facility. Without the involvement of Geoff Baldwin (CEO), Bill Berry (CFO) and Rick Ganzert (Plant Engineer), we would not have been successful in completing this acquisition.”
SC&L will also receive workforce training services from the Virginia Department of Business Assistance's Virginia Jobs and Investment Program.
For more information on SC&L, see their website at: www.specoat.com