Headwaters is a modern-day alchemist, turning stone and coal into money. Through subsidiaries, it provides building materials such as coal combustion products (CCP) and synthetic gypsum and reclaims waste coal in North America. Headwaters' light building products segment -- its largest -- makes stone products and siding accessories under the Eldorado Stone brand. The heavy construction materials segment sells residuals from the coal combustion process (such as fly ash), which can be used as a substitute for Portland cement in building materials. Headwaters' energy technology segment licenses coal conversion and heavy oil upgrading technology. In late 2016, Headwaters agreed to be purchased by Australia-based Boral Limited.