Metalico makes acquisitions.Metalico Inc., a metal recycler and lead products fabricator based in Cranford, N.J., has signed a letter of intent to acquire substantially all of the operating assets Operating Assets Another term for working capital. of Union Processing Corp. and Consolidated Transportation Inc., affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. with locations in North Chili and Auburn, N.Y. Union Processing operates a 4,000-hp Newell 98/104 shredder and serves the Rochester market. In calendar year 2005, the company processed nearly 120,000 tons of feedstock, of which Metalico provided 6,000 tons, according to a press release from Metalico. Consolidated Transportation transports raw material to the shredder and to shredded steel customers. The purchase price of the transaction was not disclosed, and the acquisition is subject to continuing due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the satisfaction of certain conditions, but is expected to close in the second quarter of 2006. "This acquisition is part of our strategy to grow within our existing region and to expand our recycling services into shredding automobiles and light iron," Metalico 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. Carlos E. Aguero says. Metalico also recently announced the purchase of a 22-acre property in DeWitt, N.Y., where it intends to open a comprehensive scrap recycling facility to serve the Syracuse and Central New York Central New York is a term used to broadly describe the central region of New York State, roughly including the following counties and cities: Cayuga County – Auburn Cortland County – Cortland Madison County – Oneida market. Metalico Syracuse Inc., a subsidiary, will operate the facility, which will provide ferrous and nonferrous scrap handling services as well as serve as a buying center for auto hulks and light iron. Metalico operates six recycling facilities and six lead fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. plants in six states. |
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