PROVIDENCE – Liquid asphalt importer and provider Hudson Cos. announced Saturday that the Canada-based Bitumar Inc. has taken over most of the operations at its Providence plant, as part of the broader process of selling Hudson’s assets.
Bitumar will continue to import, blend and distribute asphalt throughout the region, so Hudson clients will not be affected by the changes, which took effect Saturday. But Hudson will lay off about 15 employees as it downsizes to just an administrative staff.
Bitumar – a Montreal-based company that operates plants in Quebec, Baltimore and Ontario – will retain and operate out of Hudson’s waterfront terminal in the port of Providence under the “throughput” agreement also announced Saturday.
The overall sale of the family-owned company, which was founded in 1955, is expected to last several more months.
“Our agreement with Bitumar ensures that our valued customers will continue to be well served,” Hudson CEO Tom Hudson said in prepared remarks, though he expressed mixed feelings that market shifts had prompted the sale of the company.