Exhibit 21
HEADWATERS INCORPORATED
Subsidiaries
The ownership of each direct and indirect subsidiary is 100%, except where indicated below.
Headwaters Construction Materials Division
| - | Headwaters Construction Materials, Inc., a Utah corporation |
The following subsidiaries are part of HCM's block, mortar and stucco group:
| - | Headwaters Construction Materials, LLC (fka HCM Block & Brick, LP), a Texas limited liability company |
| - | Best Masonry & Tool Supply, LLC, a Texas limited liability company |
| - | Don's Building Supply, LLC, a Texas limited liability company |
| - | HCM FlexCrete, LLC, a Texas limited liability company |
| - | HCM Utah, Inc., a Utah corporation |
The following subsidiaries are part of HCM's manufactured architectural stone group:
| - | Eldorado Stone LLC, a Delaware limited liability company |
| - | Chihuahua Stone LLC, a Utah limited liability company |
| - | Eldorado G-Acquisition Co., a Utah corporation |
| - | Eldorado SC-Acquisition Co., a Utah corporation |
| - | Eldorado Stone Acquisition Co., LLC, a Delaware limited liability company |
| - | Eldorado Stone Funding Co., LLC, a Utah limited liability company |
| - | Eldorado Stone Operations LLC, a Utah limited liability company |
| - | Eldorado Stone Philippines, Inc., a Philippines corporation |
| - | HCM Stone, LLC, a Utah limited liability company |
| - | L-B Stone LLC, a Utah limited liability company |
| - | Piedras Headwaters, S. de R.L. de C.V., a Mexican limited liability company |
The following subsidiaries are part of HCM's shutters, siding and tools group:
| - | Tapco International Corporation, a Michigan corporation |
| - | Atlantic Shutter Systems, Inc., a South Carolina corporation |
| - | Metamora Products Corporation of Elkland, a Pennsylvania corporation |
| - | Metamora Products Corporation, a Michigan corporation |
| - | MTP, Inc., an Ohio corporation |
| - | Tapco Europe Limited, formed in the United Kingdom |
Headwaters Energy Services Division
| - | Headwaters Energy Services Corp., a Utah corporation |
| - | Blue Flint Ethanol LLC, a Delaware limited liability company |
| - | Covol Coal Company, LLC, a Utah limited liability company |
| - | Covol Engineered Fuels, LC, a Utah limited liability company |
| - | Covol Services Corporation, a Utah corporation; |
| - | Environmental Technologies Group, LLC, a Utah limited liability company |
| - | Headwaters CTL, LLC (fka Hydrocarbon Technologies, Inc.), a Utah limited liability company |
| - | Headwaters Ethanol Operators, LLC, a Utah limited liability company |
| - | Headwaters Synfuel Investments, LLC, a Utah limited liability company |
| - | HES Ethanol Holdings, LLC, a Utah limited liability company |
Headwaters Resources (CCP) Division
| - | Headwaters Resources, Inc., a Utah corporation |
| - | FlexCrete Building Systems, LC, a Utah limited liability company, of which HRI is a 90% member |
| - | Florida N-Viro L.P., a Delaware limited partnership, of which VFL is a 51.5% member |
| - | Florida N-Viro Management, LLC, a Delaware limited liability company, of which VFL is a 52% member |
| - | Headwaters Resources Limited, formed in New Brunswick, Canada |
| - | Headwaters Services Corporation, a Utah corporation |
| - | VFL Technology Corporation, a Pennsylvania corporation |
Headwaters Specialty Chemicals Division
| - | Degussa Headwaters LLP, formed in the United Kingdom, of which Headwaters Incorporated is a 50% member |
| - | Degussa Headwaters Korea Co., Ltd., a Korean limited liability company, of which Headwaters Incorporated is a 50% member |
| - | Headwaters Heavy Oil, LLC, a Utah limited liability company |
Other Subsidiaries
| - | Global Climate Reserve Corporation, a Utah corporation |
| - | Headwaters Technology Innovation, LLC (fka Headwaters Technology Innovation Group, Inc.), a Utah limited liability company |