“We are excited about the combination of talent this partnership presents to our company, which enables us to provide a higher level of asphalt paving expertise to our clients,” said David Gallagher, president and chief executive officer for American Gilsonite Company. “The Adventus team has over 75 years of combined technical and sales experience in the asphalt industry. The company’s in-depth knowledge of the forces driving the asphalt market complement our company’s growth and expansion strategy.”
Adventus is a team of professionals with decades of experience in the commercialization of technology in the chemicals, polymers, and road infrastructure segments of the economy. The company has a positive track record in developing and launching products that have been used in asphalt modification, pavement rehabilitation and pavement maintenance.
“Adventus sees tremendous value in our partnership with American Gilsonite Company. We value the vision, integrity and professionalism of AGC’s management team,” said Brian J Majeska, principal for Adventus Material Strategies, LLC. “AGC’s investments in Gilsonite reserves, processing and technical capabilities are world class. We believe the company is positioned for excellent growth in many areas of the asphalt modification segment. Specifically, we see opportunities in more cost-effective asphalt binder formulations to meet the updated Performance Grade (PG) asphalt specifications, and to leverage AGC’s technology to improve solvent resistance in many asphalt maintenance applications.”
About American Gilsonite Company
AGC operates as an industrial minerals company and is the world’s primary miner and processor of uintaite, a variety of asphaltite, a specialty hydrocarbon which AGC markets to industrial customers under its registered trademark name “Gilsonite®”. Gilsonite is a glossy, black, solid naturally occurring hydrocarbon similar in appearance to hard asphalt and is believed to be found in commercial quantities only in the Uinta Basin in northeastern Utah. Because of its unique chemical and physical properties, Gilsonite has been used in more than 160 products. The Company sells its products to customers in four primary markets: (i) oil and gas, (ii) inks and paints, (iii) foundry and (iv) asphalt. AGC is headquartered in Houston, Texas.
About Adventus Material Strategies
Adventus’ team of professionals has commercialized over $100 million of new technology into the road industry. These technologies include: specialty chemicals, polymers, asphalt binders, asphalt emulsions and mixture technologies. With more than 75 years of combined leadership experience, Adventus offers customers expert guidance through the asphalt and foundry markets throughout North America.
The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.