Proler Steel International, Houston, has signed a letter of intent to acquire the business assets and operations of Hastings Salvage and Recycling, a scrap metal recycling company in Shepherd, Texas.
Hastings Salvage, owned and operated by John and Lynn Hastings, has been in operation for more than 24 years. The company processes ferrous and nonferrous metals and also provides transportation services for nonmetallics.
Shane Leonard, Proler Steel International COO, says the move demonstrates the company’s commitment to expanding its operations in Texas.
“The Hastings project is a logical next step for us,” Leonard says. “The reputation and integrity of Mr. and Mrs. Hastings, coupled with their strategic location, make this a very appealing expansion. The move simply makes solid business sense for all parties.”
In related news, Proler is expected to complete its earlier announced acquisition of Houston-based Walco Recycling LLC by March 5, 2012.
Cris Proler, Proler Steel International president and CEO, says respect for the Hastings and their success is evident when he speaks of this pending expansion. “This means more to me than just a bigger operational footprint in Texas,” he says, “although that is a notable achievement for our company. I’m humbled and honored by the trust that Mr. and Mrs. Hastings have placed in me and the full resources of Proler Steel International will work to ensure that their legacy of honesty and fair business practices continues for decades to come. The Hastings way of doing business is the Proler way of doing business, too.”
Completion of the Hastings transaction is expected on or about April 1, 2012, pending further due diligence. As a part of the proposed agreement, John will stay on to assist in the transition post closing. In compliance with company policy, terms of proposed deals are not disclosed.