Corix Group
Corix to Acquire Cleveland Thermal
Cleveland, OH – Corix Infrastructure (US) Inc. (Corix) announced today that it has finalized an agreement to purchase Cleveland Thermal, LLC from Cleveland Thermal Holdings, LLC. The transaction was previously reviewed and unanimously approved by Cleveland City Council on July 22, 2015. The transaction is subject to a final review by the Public Utilities Commission of Ohio and the closing is expected on or before September 30, 2015.
“Corix is pleased to have reached this agreement,” said Ken Morrison of Corix. “Cleveland Thermal has served customers in downtown Cleveland for more than 100 years and we are committed to continuing that tradition of service. We are impressed with the company’s senior management team and look forward to working with President Marc Divis and his management and operations team to maintain and grow this business.”
“The sale to Corix is in the best interests of our customers and the City of Cleveland”, said Don Hoffman, Chairman of Cleveland Thermal. “Corix brings the expertise and resources necessary to help Cleveland Thermal maintain and grow its system and meet increasing environmental and air quality standards.” Marc Divis added, “I am excited to join the Corix organization and to continue leading Cleveland Thermal. Corix has significant experience with systems like these and they are among the industry leaders in North America.”
The transaction will not affect day-to-day management and operations, rates, or terms and conditions of service to customers. Corix will ensure that the utility has the managerial, technical, and financial resources necessary to continue providing safe and reliable service.
Cleveland Thermal’s current coal-fired system has operated at its Canal Road plant on the banks of the Cuyahoga River since 1894. Steam from the facility is supplied to a large number of downtown buildings for heating. The company's second plant – at E. 18th Street and Hamilton Avenue – produces steam as well as chilled water that the company distributes to customers for air conditioning. Major customers include the City of Cleveland, Cleveland State University, Cuyahoga County, and a number of other commercial and institutional accounts in the downtown core.
Cleveland Thermal is in the process of converting its steam system from coal to natural gas in order to comply with requirements of the Clean Air Act. In particular, the current coal-fired boilers will be shut down by January 31, 2017. With utilities in 31 states and 6 Canadian provinces, Corix brings significant expertise and resources to this project.
“Corix has the financial backing and access to capital for the investments that are needed to make the transition to natural gas,” said Ken Morrison. “We have experience in a variety of energy sources that range from conventional technology – like natural gas – to other green alternatives like geothermal, biomass, and sewer heat recovery. Our focus is on creating solutions to infrastructure needs that are tailored to the specific community.”
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About Corix
The Corix Group of Companies is a leading provider of sustainable utility infrastructure solutions across North America. Corix delivers these solutions through three distinct but complementary lines of business: Utilities, Utility Services, and Utility Products. The Corix team has approximately 2,100 employees operating in 31 states and 6 provinces in the United States and Canada. Corix is privately held and owned by the BC Investment Management Corporation. Visit www.corix.com for more information.
About Cleveland Thermal
Throughout its 120 year history, Cleveland Thermal has been committed to providing its customers with a reliable and efficient energy source that enables buildings to operate at optimal performance levels. This translates into energy savings and sustainable solutions for Cleveland Thermal’s customers. In fact, thermal energy from Cleveland Thermal accounts for 30 percent of the heating and cooling energy used in Downtown Cleveland’s business district today by serving more than 125 buildings. Please visit www.clevelandthermal.com for more information.
For more information, contact:
Corix
Media Line: (604) 232-2128
Media Toll-free: 1-877-232-2128
mediarelations@corix.com
www.corix.com
Follow us on Twitter | LinkedIn
Cleveland Thermal
Media Line: (216) 241-4274
mdivis@clevelandthermal.com
www.clevelandthermal.com
Source: http://www.corix.com/about-corix/news/news-details/2015/08/27/corix-to-acquire-cleveland-thermal
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