In 1981, Synthetech was founded in Albany as a fine chemicals company specializing in organic synthesis, biocatalysis and chiral technologies. Synthetech, one of the oldest companies in Oregon, was founded by Paul Ahrens who served as President and CEO of the company from 1989-1995, and VP of Technology from 1981-1989.

On Oct. 18, 2010, W. R. Grace received approval from the United States Bankruptcy Court for the District of Delaware to acquire Synthetech.