Metal Mgmt. acquires omnisource plant.Chicago-based Metal Management Inc. has announced the acquisition of a 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. facility in East Chicago East Chicago, city (1990 pop. 33,892), Lake co., extreme NW Ind., on Lake Michigan, in the industrialized Calumet region, adjoining Gary, Hammond, and Whiting; inc. 1889. , Ind., from OmniSource Corp. The financial details of the transaction were not disclosed. Under the terms of the agreement, Metal Management has acquired the property, buildings and equipment of OmniSource's East Chicago facility, including a 29-acre yard, an automobile shredder, two balers and a shear. The facility handles approximately 430,000 tons of ferrous ferrous (fĕr`əs), iron in the +2 valence state. Containing or having to do with iron. The difference between ferrous and ferric is the number of valence electrons they contain (ferrous contains two and ferric contains three), which scrap metal and approximately 10 million pounds of nonferrous non·fer·rous adj. 1. Not composed of or containing iron. 2. Of or relating to metals other than iron. nonferrous Adjective 1. scrap metal per year. Metal Management has a prominent presence in the greater Chicago area, and with this addition the company now operates 15 processing facilities in that market. Metal Management says it expects the transaction to be immediately accretive to its earnings per share. Metal Management is one of the largest full service metal recyclers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with approximately 50 recycling facilities in 16 states. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion