Philip Established as the North American Leader in Deox Production with the Acquisition of Reynolds' Bellwood Processing Facility.TORONTO--(BUSINESS WIRE)--Feb. 27, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ;ME N) Philip Environmental Inc. ("Philip Environmental") announced today that it has signed a Letter of Intent for the purchase of the Reynolds' Metals Company's ("Reynolds") Bellwood Processing Facility in Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. . In 1996 the plant generated approximately US $85 million in revenue. The transaction is subject to regulatory approval and the execution of a definitive agreement, and is expected to close on or before April 30, 1997. 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 steel production. The facility services major steel mills in the USA and Canada and has a dominant position in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. marketplace. This transaction will provide Philip Environmental with synergistic opportunities to participate in Reynolds' metals recycling and service programs throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "This acquisition, combined with our existing deox business, establishes Philip Environmental as the North American leader in deox production with over 70% market share." said Robert Waxman, President of the Metals Recovery Group. "As deox is critical to steel production, it enhances our strategy of being the definitive full service provider to the steel industry. It also provides us with a new client base from which to cross-sell our other resource recovery and industrial services." "We are pleased that this transaction will allow what has been a good business to become part of a strong organization where it has excellent long-term prospects for continued growth" said Jeremiah Sheehan, Reynolds' Chairman and Chief Executive Officer. 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 Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) under the symbol 'PEN'. CONTACT: Philip Environmental Inc. Robert Waxman, 905/521-1600 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-752-9600 or 800-221-2462; Boston 617-236-4266 or |
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