Canusa, Hershman to merge. (Paper).Canusa Corp., Baltimore, and Hershman Capital Corp., Branford, Conn., have agreed to merge the Fiber Group of Canusa and Hershman Recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. , Inc. into a new company. The new company will be called Canusa-Hershman Recycling Corp. Senior management will be co-headquartered in Branford and Baltimore. Ethan Hershman will be co-chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ; Bruce Fleming will be co-chairman; Jonathan Sloan will be president; and Todd Laggis will be CFO See Chief Financial Officer. of the new company. Hershman Recycling Inc., which operates from Branford and satellite offices in Texas and California, currently trades more than 25,000 tons per month of fiber and 1,000 tons per month of plastics. Canusa's Fiber Group, which operates from Baltimore and satellite locations in Boston, Buffalo, Montreal, Richmond, Va., and St. Albans, Vt., trades more than 30,000 tons per month of fiber and obsolete roll stock. Canusa operates paper stock plants in Baltimore and St. Albans. Both companies have numerous baler installations and joint venture agreements with paper mills and generators of fiber. The newly combined company expects sales in excess of $100 million annually. The merger is expected to be finalized See finalization. during the second quarter of 2002. Specifically not included in the merger are Canusa's Kraft Group The Kraft Group, LLC is a group of privately held companies in the professional sports, manufacturing, and real-estate development industries doing business in 82 countries[1]. , Capitol Fiber Inc., ANW ANW Airborne Networking Waveform ANW Advanced NetWare (Cisco) ANW Appraised Net Worth ANW Program Director for Weather and Flight Service Stations (FAA) Crestwood Inc. and Evergreen Fibres Inc. "The trend of the paper industry has been for greater consolidation amongst the paper mills as well as the printers and industrial users of paper. It's only logical that the vendors of recycled fiber would consolidate to meet the needs of a more demanding market place," Bruce Fleming remarks in regard to the Canusa-Hershman merger. Ethan Hershman, who will be CEO of the newly combined company says, "Canusa-Hershman will be not only file largest independent fiber management firm east of Chicago, we intend for it to be the best." |
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