Harris Specialty Chemicals to acquire Senergy.

NEW YORK--(BUSINESS WIRE)--Nov. 16, 1995--Harris Specialty Chemicals Inc. (HSC), a privately held manufacturer of specialty formulated chemicals for the construction industry, and specialty fluorine and silane chemicals for the pharmaceutical and silicone industries headquartered here, today announced the acquisition of Senergy Inc. from one of its founders, and owner, Joseph Vuono, who will continue to serve as its president.

Headquartered in Cranston, Rhode Island, Senergy is the third largest U.S. manufacturer of a full line of insulated, exterior-wall building materials known in the construction industry as EIFS, or exterior insulation and finish systems. EIFS have grown popular in the construction and renovation of both residential and commercial buildings as a replacement for more traditional materials such as brick, stone and glass. Terms of the deal were not disclosed.

"The combination of Senergy's EIFS business and HSC's Thorowall business will create the second largest competitor in a rapidly growing domestic market," said HSC President Art Wotiz. The businesses will be combined to form a new business unit called HSC Advanced Wall Systems, which will be part of the company's Performance Products Division, he added.

Wotiz noted that the entire exterior cladding market in the United States is estimated to be $4.5 billion. Of that, he said, EIFS has a 16 percent share of the one billion square foot non-residential exterior wall cladding market, and a small but growing percentage of the three billion square foot residential exterior wall cladding segment.

HSC's Thorowall line of EIFS products was introduced to the construction market in 1989 and since then, has grown to include a variety of coatings. "The combination of Thorowall and Senergy products will give our customers a broad-based portfolio of products ranging from stucco at the low end to `scientifically superior' performance coatings and wall systems on the high end," Wotiz said.

Senergy, which has 117 employees, manufactures its products in Cranston and at facilities in Marietta, Ga. and Lancaster, Texas, and has regional offices across the United States. The company sells four EIFS systems: Senerflex, for residential and commercial buildings; Senerthik, an impact-resistant system; QA21, a traditional EIFS system used on large, high-profile construction projects; and QR, designed for residential structures.

HSC, which has corporate headquarters in New York and operating headquarters in Jacksonville, is a combination of five well-known businesses in the construction and chemical industries--PCR, Hydrozo, Thoro, Selby and Watson Bowman Acme. The company employs 700 people worldwide and has locations throughout North America, Europe and Asia. Its principal brand names are Thoro, Enviroseal, Jeene, Wabo, ProSpec, Selby and Ucrete.

CONTACT: Pagano & Company Public Relations, New York

Christina Pagano, 212/684-3090