Two Carolina scrap firms to merge.
The transaction is expected to close in the first quarter of 2007, subject to conditions. The merger will create a scrap processing company that will employ more than 500 people in 16 locations throughout the Carolinas and Georgia.
The names of both companies are expected to remain in use, with the CRG name remaining prominent in South Carolina and the Atlantic Scrap & Processing name being used in most of North Carolina. "Both companies have strong brands in their regions," says Marvin Siegel, CEO of CRG.
The merger will help set in motion plans for continued growth and investment, according to Siegel. He adds, "This merger is a perfect fit, as both companies share such similar management styles and operating philosophies.
Frank Brenner, president of Atlantic Scrap, says, "In the five short years since the inception of Atlantic Scrap & Processing LLC, I have seen our business develop into the largest recycler in North Carolina. We are excited to be merging with CRG, who we feel shares the same ideals as Atlantic Scrap. We look forward to this merger and to continued growth and success."
Brenner adds that the company's new shredding plant, located near a deep water dock on the Cape Fear River in Wilmington, N.C., is expected to go online by the end of the year.
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|Title Annotation:||SCRAP INDUSTRY NEWS|
|Date:||Nov 1, 2006|
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