Metalico, Inc. 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.
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