Hilco Redevelopment Partners announced today that they completed a transaction to purchase the assets of one of the largest ship recycling and scrap processing companies in the world (formerly known as ESCO Marine). The new joint venture company will be opened under the name SteelCoast with a new management and operations team to begin running the business immediately. SteelCoast's headquarters are in Brownsville, Texas.
The joint venture deal closed on May 1, 2017 following US Bankruptcy Court proceedings. Financial details and purchase price were not disclosed.
SteelCoast’s facility has undergone over $1 million dollars in renovations and improvements. The company will dismantle decommissioned, idled or underutilized oil rigs, train locomotives, railcars, as well as other industrial and commercial sources of recyclable metals. Additionally, SteelCoast will process automobiles and other light metal products in its 4500 HP shredder. These types of reclamation and recycling projects allow for the scrap processing of both ferrous and non-ferrous metals during the dismantling process. SteelCoast will then work to process and resell the scrap to be used in various other manufacturing industries.
The company indicated that it would have approximately 130 employees by the end of May 2017, with plans to hire 80 to 90 more in the coming months.