A new joint venture (JV)
between Hilco Redevelopments Partners and MCM Marine Services (MCM) known as
SteelCoast has completed the acquisition of ship recycling and scrap processing
company ESCO Marine.
The purchase was completed
after the US Bankruptcy Court proceedings and MCM acquired the assets from ESCO
Marine’s former ship recycling and scrapping operations, which were sold
following a bankruptcy proceeding filed in late 2015.
SteelCoast has become the
new owner of ESCO Marine’s 70 acre ship recycling and scrap processing complex
in Brownsville, Texas, US, under the deal.
SteelCoast board member
Roberto Perez said: “Putting a deal together to acquire and relaunch this
unique ship recycling and scrap processing business was complex, especially
given the nature of the assets and our goal of maintaining key US Government
client relationships.
“Following a lengthy
diligence process, we are confident that SteelCoast has a very substantial
growth path.”
"Putting a deal
together to acquire and relaunch this unique ship recycling and scrap
processing business was complex, especially given the nature of the
assets."
SteelCoast is headquartered
in Brownsville, Texas, and plans to hire around 130 employees by the end of
May, as well as a further 80-90 additional employees in the months following.
The JV firm has already
spent over $1m on the redevelopment its Brownsville site, which will provide a
complete end-to-end solution, including recycling of huge ocean-going vessels
operated by both military and non-military entities worldwide.
The company will also
dismantle decommissioned, idled or underutilised oil rigs, locomotives and
railcars, in addition to a number of other industrial and commercial sources of
recyclable metals.
Furthermore, SteelCoast will
process automobiles and other light metal products in its 4500HP shredder and
resell the ship scrap to various manufacturing industries.
Source: ship-technology.com.
03 May 2017
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