Industrious Group expands into renewable energy sector with completion of American Hydro acquisition3 May 2023
Industrious Group (previously known as Enprotech Corp) has announced the completion of its acquisition of American Hydro, a company previously owned by Wärtsilä Corporation. American Hydro provides customized hydropower refurbishment solutions and turbine services primarily to the North American market, and has been operating since 1986.
Chris Pascarella, President and CEO of Industrious Group, expressed his enthusiasm for the acquisition, stating that "the entire organization is extremely excited to add American Hydro to our portfolio of businesses focused on the maintenance, repair, rebuild and modernization of heavy industrial machinery and equipment." This acquisition marks Industrious Group's expansion into the renewable energy sector, a key growth category for the company.
Pascarella also acknowledged American Hydro's team and technical capabilities, adding that the acquisition will strengthen the entire organization.
Industrious Group provides maintenance, repair, rebuild, and modernization solutions to optimize North American businesses utilizing heavy industrial machinery and equipment. With headquarters in Cleveland, OH, and seven facilities in North America, the company delivers a comprehensive one-stop solution to keep partners' heavy equipment and machinery in motion. The company is a subsidiary of ITOCHU Corporation (ITC) and, with headquarters in Cleveland and seven facilities in North America, it serves a diverse range of industries, including automotive, steelmaking, aluminum manufacturing, appliances, general manufacturing, oil & gas, among others.
Industrious Group said it actively seeks strategic opportunities to acquire diverse companies that will add unique maintenance, repair, and productivity optimization capabilities to the organization.