On July 26, 1946, a rented barn in Philadelphia, PA, became the corporate headquarters of RESCO PRODUCTS, INC., then known as Refractory Specialties Co. Founded to manufacture five refractory formulations acquired from the M.W. Kellogg Company, the young Resco owned a crusher, a cement mixer and two wheelbarrows.
It's often said that "luck" is when preparedness meets opportunity. The hard work and preparedness of Resco employees met with favorable market opportunities at a time when the oil and steel industries were making great strides in a boom economy, necessitating a move in 1950 to larger facilities, and ultimately the development of new and improved products for the petrochemical industry.
At a youthful 10 years old, the company acquired three brick plants, which became known as Crescent Brick, positioning Resco Products Inc. as a leading refractory brick supplier to the steel industry. Through hard work and dedicated R&D, Resco led the way with the development and patent of the semi-universal ladle brick designed to assure positive closure of a joint regardless of arc, thus preventing slag and molten metals from penetrating to the ladle shell, and helping the steel industry save many hundreds of thousands of dollars.
Next, Resco Products Inc. invented and patented a formula, AA-22, for the world's first chem-bonded and air-setting castable refractory which could be mixed fresh at a jobsite. Rescobond™ AA-22S was and still is the standard in the petroleum and petrochemical industries.
In 1997, Resco Products Inc. was faced with a series of hard decisions. Should the company continue under the current leadership? Should the company be sold to one of several conglomerates that had made overtures? Or should the existing management team attempt to purchase the organization?
After much consideration, the last option was decided upon as the best - the best for preserving an organization dedicated to innovation and leadership, and the best for continuing a long tradition of excellence and quality.
Following quickly on the heels of the successful purchase of the company that following year, the management team recruited and hired Bill Brown to be the new group's President and CEO. The management transition was complete.
In 1999, energized by this new team's commitment and motivation, Resco Products Inc. purchased two production facilities and several product brands from RHI-America. This acquisition expanded the company's customer base and market offerings, doubled the company's size while it simultaneously allowed complete continuity over production processes and resulting product quality. Continuing in a long history of growth and strategic development, the recent management transition and RHI acquisition provided not only a grand finish to the past century, but a fitting foretaste of the bright future of Resco Products Inc. that is yet to come.
On December 17, 2002, RESCO acquired certain assets of National Refractories and Minerals Corporation ("NRMC") which included brand names, mixes/formulations, intellectual property, molds, dies, fixtures, and certain equipment from NRMC plants at Mexico, MO; Columbiana, OH; and Wellsville, MO. Resco did not purchase the plants or the property on which the plants are located.
In September of 2005, the management team, in partnership with Hancock Park Associates, completed the purchase of all outstanding shares of RESCO's principal shareholder. Hancock Park is a private equity firm located in Los Angeles, CA, and they joined with the RESCO management team as the shareholders of RESCO. – less