Trecora was not always a petrochemical company. We evolved significantly throughout our history, tracing our roots back to the foundation of the Arabian Shield Development Company in 1967. Initially established to capitalize on mineral prospects within the geological region known as the 'Arabian Shield' in southwestern Saudi Arabia, the company became publicly traded in 1972.
With successful acquisitions of mineral licenses and a surge of over $30 million in capital from notable Saudi Arabian private investors over the following two decades, Arabian Shield Development Company made substantial strides in developing the Al-Masane mine. This project received financial support from prominent Saudi royalty and merchant families and an $11 million loan from the Saudi government.
In 1987, recognizing a promising opportunity in the hydrocarbon industry in the United States, the company acquired the well-situated Sinclair Oil refinery in Silsbee, Texas. Previously known as South Hampton Resources, this facility underwent significant renovations and expansions, ultimately becoming the focal point for the company's shift towards producing and marketing high-purity specialty petrochemicals.
In 2000 the company rebranded from Arabian Shield to Arabian American Development Company.
By 2006, the costs of completing the mine complex exceeded initial projections. Seeking a strategic partnership, Arabian American Development Company formed Al-Masane Al-Kobra ('AMAK') in 2008. Saudi investors contributed $60 million, holding a 59% interest in the newly formed entity, while Arabian Americans contributed the Al-Masane assets for the remaining 41%. The new entity also assumed the $11 million long-term debt obligation.
In a testament to the company's achievements, Trecora joined the New York Stock Exchange in 2012. By 2015, acknowledging its shift from mineral extraction to petrochemicals, the company rebranded as Trecora Resources. It relocated its corporate headquarters to Sugar Land, TX, situated southwest of Houston.
In 2023, Trecora underwent a pivotal change when we were acquired by Balmoral Funds, a private equity firm. Recognizing substantial value within Trecora, Balmoral Funds facilitated the relocation of the company's headquarters to The Woodlands, Texas. This relocation signifies a notable change in our corporate base and emphasizes a new phase in its corporate journey.