Henrico County manufacturer purchases North Dakota company
Alchemco CEO expects acquisition to create 15 to 20 jobs.
Henrico County-based manufacturer Alchemco recently acquired a North Dakota waterproofing technology company, TechCrete LLC, in a move expected to create 15 to 20 jobs, according to Alchemco.
Terms of the transaction were not disclosed, but Alchemco, which produces products to clean, repair and waterproof concrete and masonry, expects the addition to generate $50 million in revenue over the next five years, according to its news release.
Alchemco CEO Mario Baggio said that the proprietary part of TechCrete’s waterproofing product is manufactured at their site in western Henrico County, and the final product is created in Minneapolis. “Just like the Coca-Cola formula, only three people in the world know this formula we acquired, so that is why we manufacture it here,” Baggio said.
Chemist Curtis Nelson founded TechCrete in the mid-1970s and sold the company to Baggio after a yearlong negotiation process. Alchemco was founded in 2016 in Brazil and moved its global headquarters to Henrico last year. It sells products in 75 countries.