Daytona Newspaper Story:
n-jcenter.com
Friday, September 24, 1999
Paint additive maker moving to Daytona Beach
By GEOFF DUTTON
Staff Writer
DAYTONA BEACH - ThermaCell Technologies Inc., a small but
fast-growing maker of additives for paint and other coatings, is
setting up a new production facility on Fentress Boulevard.
The Sarasota-based company, whose stock is traded on Nasdaq,
previously announced it would build a plant near its headquarters,
but instead decided to lease space in Daytona Beach.
The operation will churn out ThermaCell's "VaxCell," the trade name
for a product created by a South Daytona research firm. The hollow
balls of glass are the size of a grain of salt and can be mixed with
paint and other products to boost their strength and increase their
insulating properties.
The production process is highly automated. The plant is expected
to employ about 25 people and be capable of generating some 10
million pounds of the glass balls a year.
Rather than build a new plant in Sarasota, as was the company's
plan in March, ThermaCell opted for leasing space in Daytona
Beach to reduce investment costs and speed up the start of
production. Also, ThermaCell is buying the South Daytona research
firm.
John Pidorenko, president and chief executive officer, said in a
statement the decision will put the company "months ahead of
schedule." The target date for getting the plant on line is October
15.
In recent months, ThermaCell has announced several large orders
worth millions of dollars, and the company is eager to fill them. The
company's product has gained a lot of attention because it meets
sharp restrictions of states like California against environmentally
harmful paint ingredients.
Founded in 1993 by Pidorenko, ThermaCell took its shares public
in 1997 and has grown quickly through a combination of
acquisitions - including the purchase of a South Daytona research
firm - and landing some large contracts.
ThermaCell reported $2.86 million in revenue for fiscal year 1998 -
up from $1 million the prior year - and expects more than $6 million
in revenue this year.
The Daytona Beach plant alone will generate another $6 million of
revenue first year of operation, and as much as $15 million when it
reaches full capacity, said company spokesman Tony Quinones.
For now, at least, the corporate headquarters will remain in
Sarasota.
ThermaCell also owns a paint and coating unit called Atlas in
Miami, American Paints in Pompano Beach and T-Coast Paver Inc.
in Stuart.
In July, ThermaCell issued a letter of intent to purchase Silab
Research Center of South Daytona. The research and development
firm, which created the hollow glass balls, called "microspheres,"
will merge with ThermaCell.
"We have a real good marriage," said Bo Gimvang, vice president
of Silab. ThermaCell is purchasing Silab for about $1 million in cash
and stock, plus employment and development agreements with
Gimvang and his wife, Sherrie. The Gimvangs said they started
Silab 10 years ago and operate labs in Jacksonville, Sarasota,
Miami and Ft. Lauderdale.
Schwarz Realty Group of Daytona Beach leased ThermaCell
13,000 square feet of a 90,000-square-foot building at 440
Fentress Blvd. The company plans to quickly expand and eventually
fill most, if not all, of the building.
"That was one of the reasons they picked our spot - because they
could easily expand," Realtor Ed Schwarz said.
The building, which is owned by Schwarz's father, Ralph, was the
longtime home of Florida Production Engineering until it moved to
Ormond Beach. More recently, CAPO Inc. of Ormond Beach, used
it for storage.
ThermaCell has already begun work on the building, moving in its
equipment and setting up its lab.
The Volusia County Business Development Corp. and Daytona
Beach's economic development office were unaware of ThermaCell
and its plans. They shouldn't take it personally, though.
Sarasota officials never had any contact with the company. They
tried to contact ThermaCell when it opened its headquarters there,
and again when they heard about plans for the new plant. So they
weren't surprised when notified by news reporters of the company's
about-face turn to Daytona Beach.
"I've never been able to get ahold of them. I've left messages, but
have never gotten a response," said Frank Tamberrino, executive
director of the Sarasota County Committee for Economic
Development. "I guess they just prefer a low-profile approach."
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