USA: Refrigerant supply and management company Hudson Technologies is set to acquire Airgas Inc’s refrigerant supply business, Airgas Refrigerants, for $220m.
Airgas Refrigerants (ARI) is a leading refrigerant distributor and EPA certified reclaimer in the US. It currently distributes, reclaims and packages refrigerant gases for a variety of end uses.
Already the market leader, claiming 25% of the market, the acquisition of Airgas Refrigerants will significantly increase Hudson’s customer network and will provide Hudson with access to refrigerant for reclamation while also strengthening distribution capabilities. It will also increase Hudson’s reclamation processing capacity.
“ARI is a prominent refrigerant distributor in the United States and we believe the combination of our operations will provide meaningful scale to our business and further enhance Hudson’s leadership in the refrigerant and reclamation industry,” commented Hudson Technologies chairman and CEO Kevin J Zugibe.
“The increased scale of the combined company will allow us to better serve our customers during the ongoing phase out of HCFC refrigerants and positions us better to serve an expanded customer base during the future phase down of HFC refrigerants. Additionally, this acquisition gives us access to a significantly larger customer base and a new audience for our Global Energy Services offerings, a growing focus of our business which provide optimisation solutions, engineering assessments and energy management tools.”
The acquisition coincides with Hudson Technologies announcing record revenues of $52.2m for the second quarter and six months ended June 30, 2017. This represents an increase of 51% compared to $34.6m in the comparable period in 2016.