Kentucky Firm Buys Hadson Power Systems

A Louisville, Ky., energy services company has completed its acquisition of Hadson Power Systems Inc., a builder and operator of electrical plants, for $50.5 million in cash.

The company’s parent, Hadson Corp. of Oklahoma City, sold the Irvine subsidiary to LG&E; Energy Systems Inc., a subsidiary of LG&E; Energy Corp. of Louisville.

Company officials did not say whether any jobs will be lost as a result of the change in ownership. Hadson Power employs 1,000 people in Irvine.

In a prepared statement, Hadson President Lawrence Folks said the purchase will “allow us to accelerate . . . our pursuit of opportunities to develop power projects and seek new applications of power-generating technology.”

Hadson was formed in 1982 to engineer, build and operate power plants and cogeneration facilities. Since 1989, Hadson has entered into agreements with Philadelphia-based Westmoreland Coal Co. to build and operate four coal-fired cogeneration plants in Virginia and one in North Carolina. The North Carolina plant, scheduled to be built by 1994, will sell electricity and steam.

The cost to build the five plants is estimated at $665 million.