Reichhold to move HQ due to downsizing, lease expiration
Reichhold, a manufacturer of coating and composite resins that are used in boats and spas, gels and pastes, is moving its headquarters within Durham as it approaches the end of its lease, and needs less space.
Founded in 1927, Reichhold is moving from the Ellis Road building on the Durham County side of the Research Triangle Park where it has been since 1991. After its lease expires in January, the company will move to Swabia Court in Durham.
“Simply put, our lease is up in January 2014, the building we are currently in now is too large, so we are moving to a building that is more suitable to our current needs,” said Joan Grace, a company spokeswoman.
According to emailed information, Reichhold now employs 108 people at the site in the business park. Grace said the company has fewer employees there due to a series of events.
In 2002, the company sold an adhesives business, according to an email from Grace. And in 2008, a joint venture with The Dow Chemical Co. called Dow Reichhold Specialty Latex, dissolved. In 2011, she said the company had general reduction in force due to the recession and weak economy.
Last month, Reichhold announced price increases for certain resin products sold in the United States, Canada, parts of Latin America and Europe, for orders shipped on or after Oct. 7. Those followed increases announced earlier this year.
In a statement, Bill Schramm, the company’s vice-president for commercial North America composites, said that “persistent volatility” of feed stocks for raw materials left “no choice.”
Another company, IEM, a Durham-based consulting firm that does contract emergency and disaster planning, is also moving out of the building.
Staci Boudreaux, as spokeswoman for IEM, said in an email that without an anchor tenant, the expenses of staying in the large building on Ellis Road are too large for the company to carry.