Shredder components maker now part of global engineering and steel firm.
Italian steel and engineering company Danieli & C Officine Meccaniche S.p.A. has purchased Riverside Products Inc., Bettendorf, Iowa, adding to its recycling-related business portfolio.
According to a news release issued by Danieli, “The deal will see Danieli take control of primary facilities in Bettendorf and satellite operations in the U.K. and China. The ongoing business will adopt the name Danieli Riverside Products.”
“The Riverside product line and business units will be merged into the Danieli Centro Recycling division,” says Emanuele Brusini, Danieli’s executive vice president. “Riverside Products has been an active supplier of highly engineered rotors and wear parts to the worldwide metals recycling industry for over 50 years. The reputation for engineering excellence held by Riverside Products was a key driver behind this acquisition,” he adds.
With annual revenue of more than $3.9 billion (€3 billion), Danieli is one of the world’s largest privately controlled integrated engineering and manufacturing groups. “In the past year Danieli has delivered significant turnkey projects for scrap processing facilities within our traditional steelmaking markets,” notes Brusini.
Larry Hotaling, president of Riverside Products, and Kevin Toft, the company’s vice president, will maintain their roles within the senior management team of Danieli Riverside Products. “The wide range of Riverside Rotors is long established and renowned within the scrap metal recycling communities of the world for long life cycle and high quality in both design and operation,” says Hotaling. “The combination of our specific expertise in wear resistant castings with Danieli Lynxs’ existing shredder know-how will enable the new group to meet the needs of both the smallest and largest scrap processing companies of the world,” he adds.