BioBased Bought by Rhino Linings Corp.
by January 7, 2013 12:00 am 120 views
An acquisition involving a headlines-making local company was completed last month.
According to a report published by RubberNews.com, San Diego-based Rhino Linings Corp. has expanded its product line with the acquisition of BioBased Insulation, a division of BioBased Technologies LLC of Springdale.
BioBased Insulation makes spray polyurethane products (i.e. insulation) used in residential and commercial buildings.
In turn, BioBased Technologies — which manufactures soy-based insulation products — acquired all Soyol polyol and related technology assets from Rhino Linings. That part of the alliance will allow BioBased Technologies to focus on developing renewable and sustainable products for the chemical industry via its bio-based polyols.
Rhino will concentrate on spray foam systems, and move BioBased Insulation operations to its Carrollton, Texas, facilities.
Financial terms were not disclosed. BioBased Technologies celebrates its 10-year anniversary this year.
The firm, you might recall, has been the subject of several lawsuits and much legal wrangling between former CEO and co-owner Mike Muccio and Johnelle Hunt, a major shareholder in the company and the widow of trucking baron J.B. Hunt, who helped form the company.
John George, executive vice president of Hunt Ventures in Rogers, declined to comment on any of the ongoing litigation.