- Riverside to merge into Danieli Centro Recycling
- Execs to remain at Danieli Riverside
Danieli & C. Officine Meccaniche S.p.A., a plant engineering group and developer of steelmaking technology, is buying Riverside Products Inc. from Sivyer Steel Corp., an Iowa foundry. The terms of the sale are not known.
With annual revenues in excess of €3.0 billion ($3.9 billion), Danieli is among the world's largest privately controlled integrated engineering and manufacturing groups. “The Riverside product line and business units will be merged into the Danieli Centro Recycling division,” according to a statement by Emanuele Brusini, executive vice president. “In the past year Danieli has delivered significant turnkey projects for scrap-processing facilities within our traditional steel making markets.”
Sivyer Steel, Bettendorf, IA, produces custom castings in high volumes for military and industrial applications, including mining and recycling machinery. The last of these includes Riverside Products, which had been a wholly owned subsidiary of Sivyer Steel. It manufactures wear parts and rotors, and performs field service, for scrap yards worldwide.
According to a statement, Danieli will take over the operation in Bettendorf and satellite operations in China and England, and the business will be renamed as Danieli Riverside Products.
Danieli is widely known for designing and developing ironmaking, steelmaking, continuous casting, rolling, and finishing operations. Since 2010, it has been growing its presence in the scrap and recycling industry, starting with its purchase that year of U.K.-based LYNXS Shredder Ltd. and LYNXS Shredder Technology Ltd.
In 2012, Danieli acquired Akros Henschel SAS, a manufacturer of hydraulic scrap shears, balers, pre-shredders, and vertical grinders, primarily in France and Germany.
“Riverside Products has been an active supplier of highly engineered rotors and wear parts to the worldwide metals recycling industry for over 50 years,” Brusini continued. “The reputation for engineering excellence held by Riverside Products was a key driver behind this acquisition."
Riverside Products president Larry Hotaling, and vice president Kevin Toft will remain in their management roles for 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 lifecycle and high quality in both design and operation,” Hotaling said.
“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 concluded.