WILMINGTON, DELAWARE, July 16, 2007 . . . Hercules Incorporated (NYSE: HPC) and Heartland Resource Technologies LLC announced today a new research and development venture called H2H Innovations. H2H Innovations plans to leverage existing soy-based adhesive technologies from both companies to accelerate the development of new adhesive products for the wood products industry.
Development efforts will focus on cost competitive, formaldehyde-free resins for decorative plywood, wood flooring, particleboard, and medium density fiberboard markets. The venture will also offer technologies for oriented strand board manufacturers that allow traditional phenolic resins to be extended, resulting in lower cost adhesives with reduced formaldehyde content.
H2H Innovations, which will be 51% owned by Hercules, will utilize technical resources of both Hercules and Heartland. Wood adhesive products developed by H2H Innovations will be manufactured and sold by Hercules and may also be licensed to third parties.
Commenting on the venture, Craig Rogerson, President and Chief Executive Officer of Hercules, said, "The combined resources of both companies should allow Hercules to offer novel adhesive technologies to the wood products industry and accelerate the growth of our business. Customers will benefit from this union as H2H Innovations delivers new and improved technologies that address industry needs."
Frank Trocino, Chief Executive Officer of Heartland Resource Technologies, said, "This collaborative relationship is complementary and mutually beneficial – both strategically and synergistically – for Heartland and Hercules. The building products industry should expect important developments from H2H Innovations in the near future."
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Hercules manufactures and markets chemical specialties globally for making a variety of products for home, office and industrial markets. For more information, visit the company’s website at www.herc.com.
Located in Pasadena, CA, Heartland Resource Technologies develops and markets low cost soy-based adhesive products used in the manufacturing of engineered wood products. For more information, visit the company’s website at www.heartlandresource.com.