Bodin Oil Recovery Acquisition - Thursday, January 20, 2011
Triad Recycling, LLC (a Louisiana Limited Liability Company) announced today (January 20, 2011) that it has acquired 100% ownership of Bodin Oil Recovery, Inc., a 30-year-old south central Louisiana waste oil recovery and industrial fuel oil company. Included in the acquisition are Bodin Oil Recovery, Action Oil Recovery, LA Filter Recycling, various tracts of land, fully equipped processing plants & offices, and a fleet of tanker trucks.
This acquisition will enable Triad to build a stronger infrastructure that will ensure their ability to mass-produce and re-produce oil products. Bodin will serve as the model in Triadís anticipated nationwide expansion of the oil recovery industry.
The Waste Oil Industry:
There are approximately 1.35 Billion gallons of used oil (toxic waste) generated each year in the United States. Because of the obstacles to proper disposal, used oil is often placed in sewers, landfills, vacant lots, or streams where it causes environmental damage (One gallon of used oil will create an eight-acre oil slick). Only 800 million gallons of the used oil is collected by recyclers for reuse, leaving approximately 550 million gallons to destroy the environment. The demand for cleaner and more efficient ways to recycle oil is rapidly increasing.
About Bodin Oil Company:
Bodin Oil is a family owned, Louisiana based, corporation established in 1981. It is located in Abbeville, LA. It presently gathers, reclaims and markets approximately 10 million gallons of oil per year. By means of a relatively sophisticated process, we create a clean and burnable industrial fuel oil. The company markets approximately 22,000 barrels a month of finished product. Bodin's clients include: Chevron (NYSE:CVX), Shell (NYSE:RDS-A) and Exxon (NYSE:XOM). Bodin has performed services for the U.S. Department of Defense in connection with the removal of contaminated jet fuel, waste oil, oil filters and other oil related waste. The subsidiary, Action Oil Recovery, Inc. services Auto Dealers, Oil Change facilities, Service Stations, and Trucking companies. The subsidiary, LA. Filtering Recycling, LLC, shreds, oil filters, oily rags, oil spill residue in drums and other oil waste products. The company is in a financially sound condition, with many assets and a very profitable cash flow.