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EnviroSource signs agreement to sell IMSAMET subsidiary.

HORSHAM, Pa.--(BUSINESS WIRE)--Nov. 27, 1996--EnviroSource, Inc. (NASDAQ:ENSO) announced today that it has signed a definitive agreement to sell its IMSAMET subsidiary to IMCO Recycling Inc. (NYSE:IMR) of Irving, Texas for $58,000,000. IMSAMET, which has operations in Arizona, Idaho and Utah, serves the aluminum industry by recycling dross, scrap and used beverage cans.

Louis A. Guzzetti, Jr., President and Chief Executive Officer of EnviroSource, said, "We are taking this step in order to focus our efforts upon our steel-related businesses, International Mill Service and EnviroSource Treatment & Disposal Services." The Company indicated that the proceeds from the sale would be used to reduce bank borrowings.

The sale is expected to be completed in late December or early January.

EnviroSource is an environmental services company that supplies industrial customers with long-term specialized services, primarily the recycling, handling, stabilization or landfilling of environmentally sensitive wastes or by-products.

CONTACT: George E. Fuehrer

(602) 935-6330
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Publication:Business Wire
Date:Nov 27, 1996
Words:155
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