A group of mid-sized family owned companies have combined to acquire TSR Group, a Germany-based company that specializes in recycling of ferrous and nonferrous metals.
The companies acquiring TSR include Remondis AG, which has a 60 percent stake in the acquisition; Cronimet, 20 percent; and Alfa Acciai, 20 percent.
TSR employs more than 1,500 people at is various locations, and is expected to have sales of around $2 billion for this year. The company processes between 8-9 million metric tons of scrap metal. The acquisition, announced last month, must be approved by the European Union’s Federal Cartel Office.
The TSR Group operates at more than 80 branches, and is headquartered in Germany.
The TSR Group was established in 1996 as a result of a merger between Thyssen Sonnenberg GmbH and the iron and metal scrap division belonging to Klöckner & Co.
Ludger Rethmann, board spokesman at REMONDIS, commented, "The purchase of the TSR Group is a further consistent move in the direction of strategically rounding off our company group within the field of water and environmental services."
Remondis is a privately owned company operating in the field of water and environmental services.
The Cronimet Groupis active in the area of marketing, production and recycling of alloy raw materials for the stainless steel manufacturing industry. The company has more than 50 locations, and handled more than 1 million metric tons of metal last year.
Alfa Acciai in an Italian, family-run steel manufacturer with approximately. Its annual steel production amounts to 1.8 million metric tons. Together with its German partners, ALFA ACCIAI has been running a successful joint venture with TSR in the area of scrap recycling in South Germany.