Rotomolder Tank Holding buys Hoover Ferguson intermediate bulk container manufacturing assets
Canadian PlasticsMaterials Raw Materials Handling
In a statement, Tank Holding said that the purchase further strengthens its market position as the leading North American manufacturer of reusable and returnable IBCs used to transport chemicals and food products.
Rotational molder Tank Holding, the parent company of intermediate bulk container (IBC) manufacturer Snyder Industries, has acquired the IBC manufacturing assets from material handling container provider Hoover Ferguson.
The financial terms of the deal have not been disclosed.
In a March 9 statement, Tank Holding said that the purchase “further strengthens [our] market position as the leading North American manufacturer of reusable and returnable IBCs, also known as portable tote tanks, used to transport chemicals and food products.”
Headquartered in Houston, Hoover Ferguson is a global provider of material handling container solutions for the energy, petrochemical and general industrial markets, including the rental and other integrated services of IBC products, which is a market they will continue to serve, as a customer of the IBCs manufactured by Snyder Industries.
“We are excited about expanding our IBC manufacturing capacity and footprint, and look forward to serving Hoover Ferguson and their customers with the full breadth of our IBC product portfolio, as well as other Tank Holding products,” Tank Holding COE Greg Wade said in the statement.
“The sale of Hoover Ferguson’s IBC manufacturing assets will enable our company to increase our strategic focus, energy, and resources on the rental and integrated services of IBC products,” said Kevin Friar, CEO of Hoover Ferguson.
The Hoover Ferguson announcement represents Tank Holding’s eighth acquisition in about 16 months, but it’s the first over this timeframe to involve another manufacturing process, besides rotational molding.
The Hoover Ferguson plant is a steel manufacturing facility, located in Houston, TX, which reflects part of Tank Holding’s strategic desire to expand the company’s manufacturing process capabilities to better serve both new and existing customers.
“Strengthening our manufacturing platform and process knowledge is a part of our overall growth strategy, investing in our core product segments across multiple manufacturing platforms will allow us to deliver more value to our extensive customer base,” said Wade.
Said to be North America’s largest polyethylene tank and container manufacturer, Tank Holding also includes the brands of Norwesco, Snyder Industries, Chemtainer, Bonar Plastics, Bushman, and Stratis Pallets. It currently operates 24 manufacturing plant locations and employs approximately 750 people throughout North America.