Hudson
Technologies Announces Sale of Aerosol Packaging Line
Divestiture
is Part of Company’s Focus on its Higher-Margin Services Business;
Congers, New York Manufacturing Facility is Closed
PEARL RIVER, New York – Hudson Technologies, Inc., (NASDAQ:
HDSN), a service provider to the comfort cooling and refrigeration
industry, today announced the sale of its aerosol packaging line to
an unrelated third party.
In addition to the sale, the company has closed its Congers,
New York production facility, which housed the aerosol packaging
line.
Exact financial terms of the transaction were not disclosed.
“This divestiture is part of a continued emphasis on the
growth of our higher-margin services business which we believe
represents the greatest opportunity for long-term growth,” said
Kevin Zugibe, Chairman and Chief Executive Officer of Hudson
Technologies.
“The divestiture of this non-core business, together with
the closure of the Congers facility will reduce overhead costs.
By narrowing our focus, we believe we have taken another
important step toward returning to profitability and increasing
shareholder value.”
The aerosol products produced by Hudson Technologies in its
Congers facility were primarily utilized in the automotive industry.
The company said that as part of this transaction, the
purchaser will continue to provide aerosol packaging services to the
Company on an as needed basis, enabling the Company to continue to
sell aerosol products to its existing customers.
Founded
in 1991, Hudson has proprietary technology that greatly reduces the
downtime associated with maintaining, operating and repairing large
chiller and reciprocating systems for comfort and process cooling.
Safe
Harbor statement under the Private Securities Litigation Act of
1995: Statements contained herein, which are not historical facts,
constitute forward-looking statements that 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
markets for refrigerants, regulatory and economic factors,
seasonality, competition, litigation, the nature of supplier or
customer arrangements which become available to the Company in the
future, adverse weather conditions, possible technological
obsolescence of existing products and services, and other risks
detailed in the Company’s other periodic reports filed with the
Securities and Exchange Commission.
The words “believe,” “expect,” “anticipate,”
“may,” “plan” 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.
Contact:Troy
McCombs
Coltrin & Associates
(212)
221-1616 |
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