Philip Closes Acquisition of the Reynold's Bellwood Aluminum Reclamation Facility.TORONTO--(BUSINESS WIRE)--May 12, 1997-- Philip Environmental (NYSE NYSE See: New York Stock Exchange :PEV PEV Partido Ecologista os Verdes (The Greens, Portuguese ecological party) PEV Prediction Error Variance PEV Positive Effect Variegation , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME:PEN) Philip Environmental Inc. ("Philip Environmental") announced today that it has closed the acquisition of the Reynolds Metals Company's ("Reynolds") Bellwood Aluminum Reclamation Facility in Richmond, Virginia. The plant generated 1996 revenue of approximately US$85 million. The facility has the capacity to produce up to 170 million pounds per year of aluminum deoxidizing products from aluminum scrap. These products are used as a deoxidizing agent in both integrated and electric arc furnace An electric arc furnace (EAF) is a furnace that heats charged material by means of an electric arc. Arc furnaces range in size from small units of approximately one ton capacity (used in foundries for producing cast iron products) up to about 400 ton units used for secondary steel production. The Bellwood facility services major steel mills in the USA, Canada and Mexico, and establishes Philip as the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. leader in deox production. In addition, aluminum scrap received at the facility from the adjacent Reynold's plant is processed into hot metal on a toll basis. "Through this acquisition we have expanded the vertical integration of our aluminum recovery business," said Robert Waxman, President of the Metals Recovery Group. "The production capacity at the Bellwood plant will allow us to significantly internalize internalize To send a customer order from a brokerage firm to the firm's own specialist or market maker. Internalizing an order allows a broker to share in the profit (spread between the bid and ask) of executing the order. the value-added processing and sale of aluminum we recover through our extensive aluminum scrap collection network. This material will now be processed into higher grade products such as deox and aluminum alloys at our three aluminum processing facilities situated in the Northeast, Ohio Valley and Southeast. It is consistent with our strategy of being a value added mid-processor through our metals recovery operations." "Expanding our aluminum collection and processing network will also result in cost advantages in the purchasing and processing of aluminum scrap as a direct result of economies of scale. Finally, we are now geographically well situated to service expanding electric arc furnace steel production in the Southeast United States." Philip is a fully integrated resource recovery and industrial services company, providing metals processing and mill services, solid and liquid by-products recovery and on-site industrial and remediation services to all major industry sectors. The Company's common shares trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol 'PEV' and on the Toronto and Montreal Stock Exchanges under the symbol 'PEN'. CONTACT: Philip Environmental Inc. Robert Waxman, 905/521-1600 |
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