- Houston-based Hoover Container Solutions has acquired New Iberia, LA-based Tech Oil, which is best known for its Enviro-Pak, SafeSub, and Top Offshore Basket brands of waste processing equipment. The equipment is used for the global oil and gas markets.
- Hoover — a leading provider of chemical tanks, cargo carrying units, and other containers — acquired Tech Oil for an undisclosed amount.
- Hoover CEO Donald Young said in a press release, "The combined Hoover-Tech Oil offerings are one of the largest and most diverse in the Gulf of Mexico region and makes Hoover one of the only worldwide companies to offer a full range of cargo carrying units including chemical, cargo and waste management products to the global energy market."
Through this acquisition, Hoover will be able to establish itself as a "premier supplier" of waste processing and handling equipment, according to a press release. The companies will join forces to provide diverse products for the global energy marketplace.
While the acquisition will advance the company's business model, it may also provide unique opportunities for Hoover. Waste360 reported that Tech Oil and the Arc of Acadiana formed Recycle the Gulf, a partnership with the goal of reducing the volume of waste generated offshore in the Gulf of Mexico. This effort to keep debris out of the waterways is a huge trend currently spreading through the industry, therefore Hoover will benefit by becoming a part of the efforts.