Jan. 23, 2013
Stahlschmidt, Bouchard Venture Acquire Esmark Technologies
Stahlschmidt Inc. and Bouchard Group LLC have jointly acquired Esmark Technologies from Esmark Inc. The venture will be operated as a vertically integrated industrial services company and will continue to operate under the Esmark Technologies brand. Stahlschmidt will own 60 percent of the venture and manage operations.
Esmark Technologies was formed to provide technical and management services and commercial support across specific market segments, including the steel, manufacturing and industrial sectors. Under Stahlschmidt’s leadership, Esmark Technologies will focus on project development, resource recovery, energy efficiency solutions, structured trade finance and tailored supply chain management solutions in the North American industrial metals, energy and manufacturing sectors, company officials say.
Esmark Technologies will be based in Cleveland, where Stahlschmidt's North American operations have been headquartered since 1995. The companies expect the Ohio region to be of significant importance as Esmark Technologies looks to expand and develop future projects, including a diversified pipe and aggregates depot and ancillary services to support the Marcellus field demand; a possible tin printing venture; and a coal transfer/blending station or shale gas co-generation facility on or near existing Esmark facilities.
"The market needs the types of industrial solutions Esmark Technologies will offer. Esmark will continue to focus on its core businesses, especially given our recent acquisition of Ohio Cold Rolling Co. and Ohio Coatings Co. However, I personally believe in the growth potential of our business with complementary support from Esmark Technologies, and it is for this reason Bouchard Group is investing alongside Stahlschmidt in the new ventures of Esmark Technologies," says Esmark Chairman and CEO James P. Bouchard.