Metalico makes acquisitions.
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 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 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 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 plants in six states.
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|Title Annotation:||SCRAP INDUSTRY NEWS|
|Date:||May 1, 2006|
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