Philip Services Corp. announced that it is combining the activities of its Industrial Outsourcing Group and its Environmental Services Group. The group will be headed by Brian Recatto, who previously headed ESG. The company also announced it is pursuing the sale of its Project Services Division, a unit of IOG. The company’s Metals Services Group will continue to operate as a separate division of PSC.
“We remain committed to delivering the safest and highest quality service to our customers throughout the United States and Canada,” said Robert Knauss, chairman of PSC. “Merging and streamlining operations will help us improve efficiency and asset management, and focus our organization on becoming the most successful integrated industrial cleaning, waste management and metals services company in North America.
"The merger of ESG with IOG and the subsequent sale of PSD will allow for a more focused PSC strategy with more manageable capital requirements," said Mike Ramirez, CFO of PSC. "Our new structure will be less cyclical in nature and will allow for a more optimal level of infrastructure and a more efficient level of debt capacity."
The company announced that it will continue to manage the Project Services Division until a suitable buyer is found and a smooth transition can be effected. The sale will allow this project-oriented group to access the necessary capital to build upon past successes, while potentially partnering with PSC on future business.Latest from Recycling Today
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