SOUTH CHARLESTON: AVN Corporation has acquired Mid-Atlantic Technology & Innovation Center (MATRIC), a strategic analysis and development (R&D) partner for companies inside the chemicals and superior software program applied sciences industries.
AVN Corporation acquired all of the operations and assets of MATRIC, together with all technology, patents and facilities.
All MATRIC employees were transitioned to AVN inside the identical roles they beforehand held. MATRIC, the 501c3 non-profit entity, will proceed its efforts on fostering financial development inside the Kanawha Valley.
AVN Corporation is an employee-owned, for-profit firm based by senior executive management Steven B. Hedrick, Elton Bond, John “Jack” P. Dever, Ph.D., and John T. Miesner in 2022.
All employees received shares in AVN, and MATRIC, the non-profit entity, will have a small possession stake, with the holdings anticipated to additional fund charitable works inside the future.
“This is an thrilling day for our company, our employees and our customers. This year, we will celebrate our twentieth anniversary of operation under a brand new name and authorized structure, however with the identical dedication to delivering excellence to our customers across the world,” said Hedrick, AVN CEO.
“Previously, our non-profit standing was impeding our ability to grow, and our name use was restricted. With a brand new name and authorized structure, we have the ability to pursue new avenues of operation and market penetration. We will construct off our company’s strong heritage in West Virginia and the science and technology communities, whereas charting a brand new course for growth. I am completely sure that our visionary founder, Dr. George Keller, would be thrilled with this development.”
The transaction was accomplished January 1, 2023. Financial particulars weren’t disclosed.
“For years, AVN Corporation has been an innovation mainstay in our nice state, comprising a few of the neatest and most talented chemical engineers, chemists and scientists,” said U.S. Senator Joe Manchin (D-W.Va.).
“I am thrilled they’re increasing their footprint and look ahead to the thrilling work they will do inside the decades to come.”
“When this firm was based in 2003 in an effort to retain expertise inside the Kanawha Valley, nobody could have known what the future would look like twenty years later,” U.S. Senator Shelley Moore Capito (R-W.Va.) said.
“In their earlier configuration, the company’s accomplishments inside the areas of science and technology have far exceeded anyone’s expectations, which I have been proud to support. Most recently, their work to set up a Center of Excellence for chemical course of design, together with their partners, underscores the expertise and experience that’s housed inside this organization. I look ahead watching AVN Corporation develop and want them continued success moving forward.”
AVN will proceed to function at its South Charleston and Morgantown, W.Va., locations. MATRIC, the nonprofit entity, will be ruled by an independent volunteer board of directors.
“We are very grateful to the talented professionals at AVN who’ve added nearly $200 million to the native economy over the previous two decades. We looked ahead to seeing even greater achievements from them. MATRIC will now refocus our efforts on our core mission,” said Bill Goode, MATRIC Chairman of the Board of Directors.
“As we glance ahead to thrilling times, we remember nice leaders like Dr. George Keller, Newton Thomas and Dwight Sherman.”