Hydrodec announces merger deal with Cleveland Industrial Recycling
USA: An Ohio-based naphthenic oil treatment provider has announced a merger with a fellow US environmental business in a deal which promises multiple carbon-cutting benefits for customers.
Image source: Henry Pepper
USA: An Ohio-based naphthenic oil treatment provider has announced a merger with a fellow US environmental business in a deal which promises multiple carbon-cutting benefits for customers.
Hydrodec of North America, which collects and hydrotreats used transformer and naphthenic oils at its Canton facility, has agreed the merger with Ashtabula-based high voltage metal recycling business, Cleveland Industrial Recycling – with the expertise of both businesses joining to play a greater role in helping companies to offset carbon emissions, conserve fossil fuels and gain Carbon Credits to help meet their sustainability goals.
The merger is the latest positive news for Hydrodec which was acquired by UK-based owning group Slicker Recycling in November last year.
The expanded company, which now counts over 50 employees, will be led by Gary Smith who becomes CEO of the US business – moving from the UK where he is currently Slicker Recycling’s operations director. Jim Szoka, former owner of Cleveland Industrial Recycling, will become the executive chairman of the amalgamated company.
“This merger is the next logical step for Cleveland Industrial Recycling and will not only extend the value chain, but give a complete, closed loop process when it comes to us recycling various types of metals and ensuring oil is extracted. We see a great fit with Hydrodec so it is an exciting time for everyone involved,” disclosed Jim Szoka, executive chairman of Hydrodec North America.
Cleveland Industrial Recycling has 29 employees. Aside from its 74 ac Ashtabula OH facility which processes high voltage scrap metal, the company also has sites in Mercer PA and Akron OH which also process and drain transformers and high voltage electrical equipment.
The merger sees Slicker Recycling, which is headquartered near Birmingham in the UK, further increasing its global footprint and building its circular economy credentials after the 2020 opening of its $95 M base oil re-refinery in Denmark through a joint venture with its German partner, Avista AG.
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