METALICO ENHANCES FOOTPRINT IN CLEVELAND, ROCHESTER
December 17 2012 - 12:25PM
CRANFORD,
NJ, December 17, 2012 - Metalico, Inc. (NYSE MKT: MEA) has
increased its scrap metal recycling presence in northeastern Ohio
and Western New York with a new venture in the Cleveland market and
an acquisition in the Greater Rochester area.
In Cleveland, the Company has set
up operations in a joint venture at 3018 East 55th Street, the site
of a previous scrap yard in the city's traditional industrial
sector. Managed by industry veteran Joseph Immormino, the
strategically located facility, operating as "Metalico JBI
Cleveland," is expected to develop a brisk scrap peddler flow and
to service new accounts while supporting Metalico's existing yards
in Akron and Youngstown.
The Company's Metalico Rochester,
Inc. subsidiary has purchased the assets of Bergen Auto Recycling,
LLC, including its junk car inventory and real property located at
7652 Clinton Street Road in suburban Bergen, New York.
Metalico plans to significantly expand Bergen Auto's salvage car
buying capabilities and continue its "pick-and-pull" auto parts
business while taking advantage of additional access to scrap metal
to feed its shredding facility in Buffalo, New York.
Terms and consideration for the
two transactions were not disclosed.
"These additions to our network
should have an immediate benefit for us," said Carlos E. Agüero,
Metalico's President and Chief Executive Officer. "Our
full-service scrap yard platforms are already well established in
both of these geographic regions and have ample processing capacity
to handle additional flow. Our expansion into these new
locations is consistent with Metalico's growth strategy of
penetrating geographically contiguous markets and benefiting from
intercompany and operating synergies that are available through
consolidation."
Metalico, Inc. is a holding
company with operations in three principal business segments:
Ferrous and Non-Ferrous Scrap Metal Recycling, PGM and Minor Metals
Recycling, and Fabrication of Lead-Based Products. The
Company operates 29 recycling facilities in New York, Pennsylvania,
Ohio, West Virginia, New Jersey, Texas, and Mississippi and four
lead fabricating plants in Alabama, Illinois, and California.
Metalico's common stock is traded on the NYSE MKT under the symbol
MEA.
Contact:
Metalico, Inc.
Carlos E. Agüero
Michael J. Drury
info@metalico.com
186 North Avenue East
Cranford, NJ 07016
(908) 497-9610
Fax: (908) 497-1097
www.metalico.com
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Source: Metalico, Inc. via Thomson Reuters ONE
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