On Monday, Esmark Inc., Stahlschmidt Incorporated and Bouchard Group, L.L.C. jointly announced that they have consummated a sale and licensing agreement whereby Stahlschmidt and Bouchard Group have jointly acquired Esmark Technologies from Esmark Inc. for an undisclosed sum. The venture will be operated as a vertically integrated industrial services company, and will continue to operate under the "Esmark Technologies" brand. Stahlschmidt will own 60 percent of the venture and manage operations.
In a press release, the companies said that Esmark Technologies was originally formed to provide technical and management services and commercial support across specific market segments including the steel, manufacturing and industrial sectors. Under Stahlschmidt`s leadership, Esmark Technologies will focus on project development, resource recovery, energy efficiency solutions, structured trade finance and tailored supply chain management solutions in the North America industrial metals, energy and manufacturing sectors.
In making the announcement,Esmark founder, Chairman and Chief Executive Officer James P. Bouchard stated,"Uwe and Kai Schmidt were original shareholders and co-founders in our original Esmark venture as well as investors in the current Esmark. The market needs the types of industrial solutions Esmark Technologies will offer. Esmark will continue to focus on its core businesses, especially given our recent acquisition of Ohio Cold Rolling Company and Ohio Coatings Company."