PEARL RIVER, N.Y.--(BUSINESS WIRE)--Hudson Technologies, Inc. (NASDAQ:HDSN) today announced the acquisition of the reclamation business and assets of Polar Technologies, a full service refrigeration reclaimer. Polar serves several hundred wholesale customers from three reclamation facilities located in Nashville, TN;Ontario, CA; and Puerto Rico. The acquisition was an all cash transaction. Terms of the transaction were not disclosed.
Kevin Zugibe, Chairman and CEO of Hudson Technologies stated, “This accretive acquisition is an important milestone for Hudson, significantly expanding our customer base, geographic presence and reclamation capacity. We believe Polar is the fourth largest reclaimer in the industry, historically reclaiming approximately 8 percent or more of the total reclaim market, and they have been a respected competitor for many years. Polar has an outstanding base of customers who are typically refrigerant wholesalers who serve HVAC contractors in the continental U.S. and Puerto Rico. Polar’s strong presence in California and Puerto Rico provides Hudson with local reach in these two important markets where we have previously had limited exposure. Furthermore, this acquisition also provides Hudson with reclamation capacity to service the refrigeration market created by the EPA’s R-22 phase out starting with a 60% reduction in production allowances in 2015.”
“We welcome Polar’s employees to the Hudson family and we look forward to meeting the needs of Polar’s customers with our expanded breadth of products and services.”
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson's proprietary RefrigerantSide® Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems. Performed at a customer's site as an integral part of an effective scheduled maintenance program or in response to emergencies, RefrigerantSide® Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity levels, and can be utilized while the customer's system continues to operate. In addition, the Company sells refrigerants and provides traditional reclamation services to the commercial and industrial air conditioning and refrigeration markets. For further information on Hudson, please visit the Company's web site at www.hudsontech.com.
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Statements contained herein which are not historical facts constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the laws and regulations affecting the industry, changes in the demand and price for refrigerants (including unfavorable market conditions adversely affecting the demand for, and the price of, refrigerants), the Company's ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements that become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability to obtain financing, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the Company may seek to conduct business, the Company’s ability to successfully integrate any assets it acquires from third parties into its operations, and other risks detailed in the Company's 10-K for the year ended December 31, 2013 and other subsequent filings with the Securities and Exchange Commission. The words "believe", "expect", "anticipate", "may", "plan", "should" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.