New York company continues its expansion with acquisition of Weinstein Scrap Metal Corp.
Upstate Shredding LLC, based in Owego, N.Y., has acquired the Jamestown, N.Y., company Weinstein Scrap Metal Corp. in an all-cash transaction. Paul Weinstein, the former owner of the plant, as well as his son Eric Kress, will continue in management positions at the newly acquired facility, now a part of Upstate Shredding and Ben Weitsman, a sister company to Upstate.
The 10-acre facility is located in western New York, only 15 miles from Pennsylvania and 90 miles from the Ohio border. The facility, which was founded in 1912, will provide Upstate and Ben Weitsman with extended market coverage to complement the company’s other scrap state metal facilities in New York, including plants in Binghamton; Ithaca; Owego; and Syracuse; as well as a second location in Owego, where Upstate has its headquarters, and operates a mega-shredder and metals processing operations.
Upstate Shredding says that it presently processes more than 700,000 tons of ferrous scrap and 100 million pounds of nonferrous scrap per year.
The new facility is slated to undergo significant updating and renovation, as well as equipment upgrades. In a release, Upstate says that demolition of Weinstein’s buildings will begin immediately, to be replaced with more energy efficient structures.
The entire yard will be paved and equipped with a storm sewer system to comply with New York State Department of Environmental Conservation standards. Upstate also will landscape the property to mitigate noise and improve the look of the neighborhood.
Equipment upgrades at Jamestown will include two new truck scales, four new cranes, two mobile shear units and new roll-off containers and trucks. The company adds that it expects to extend business hours and add 10 more employees to the Jamestown facility in the near future.
The deal is part of Upstate Shredding’s plan to grow its business. The company says that it has two more acquisitions currently underway in the tri-state area as part of its goal of reaching $1 billion in annual debt free sales.