2012-12-17 18:27:06 -
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
[HUG#1665661]
