Pearl River, NY – November 6, 2014 – 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.”