Schnitzer Acquiring Macon Iron & Paper Stock
Schnitzer Steel Industries Inc., headquartered in Portland, Ore., has executed a definitive agreement to acquire substantially all of the assets
of Macon Iron & Paper Stock Co. Inc. of Macon, Ga. Schnitzer Steel is a diversified manufacturing company that has three vertically integrated business units: the Metals Recycling Business, the Auto Parts Business and the Steel Manufacturing Business.
In a release announcing the acquisition, Tamara Lundgren, Schnitzer’s CEO, says, “Schnitzer Steel Industries is committed to accelerating its rate of growth through an expansion of our domestic supply network. Expansion in the Southeastern Region represents an important market for industrial manufacturing and supports our disciplined strategy for growth in targeted markets.”
“The acquisition of Macon Iron & Paper Stock Company further strengthens our Southeast platform,” says Don Hamaker, president of Schnitzer Steel’s Metals Recycling Business. “Since our 2005 purchase of Regional Recycling, we have expanded by an additional four facilities to demonstrate our commitment to growth in this region. To that end, Schnitzer Steel and Macon Iron & Paper Stock Company Inc. are already well aligned in our commitment to our customers and community.”
“I know our customers and employees will be well-served both now and into the future,” said Evan Koplin, president of Macon Iron & Paper Stock. “We are excited to join the Schnitzer Steel family and appreciate that the core values of our business are so closely aligned.”
Closing of the transaction, which is expected to occur shortly, is subject to normal closing conditions. Terms of the transaction were not disclosed.
Source : www.recyclingtoday.com