Upstate Shredding – Ben Weitsman, headquartered in Owego, N.Y., has announced the asset acquisition of Jack’s Recycling, Mount Morris, Pa. The deal follows the acquisitions of the assets of yards in Albany and Hornell, N.Y., marking the third acquisition this month for the company. The all-cash transaction is expected to close by the end of February, according to Upstate Shredding.
“This is a great strategic move for expanding our reach throughout the Northeast, especially with our two new shredders being built in Albany and New Castle, Pa. We do not yet have a location in this region of the Northeast, so this acquisition is filling a great need to serve Mount Morris and the surrounding regions,” says Adam Weitsman, owner of Upstate Shredding – Ben Weitsman.
The company had acquired Capitol Scrap, based in Albany, in January.
According to Upstate Shredding, Jack’s Recycling, founded in 1962, is a significant processor of auto, ferrous and nonferrous scrap. Weitsman says the yard, which measures roughly 10 acres, is already paved and has new equipment, making the facility the first turnkey operation that Upstate has acquired.
“We have worked hard to become the scrap leader within a 60-mile radius around Mount Morris," says Rick Smith, the former owner of Jack’s Recycling. "It was very important to us to find a suitable company that can continue to grow this facility and serve our area even better. We have looked at a number of acquisition partners, and Upstate Shredding is the only one who truly understands and has the work ethic to ensure the continued success of this yard and take it to the next level. We are excited to have the leadership and expertise that Adam Weitsman and Upstate Shredding bring to the table and are looking forward to the transition to Ben Weitsman of Mt. Morris.”
Initially, the facility will be shipping material to Upstate’s Owego shredder, though Weitsman notes that the company will be starting up its new shredders in the near future and may use the location to supply those facilities. “We are starting on our New Castle shredder at the end of March,” Weitsman adds.
The Pittsburgh-area location is the first in the area for Upstate, though Weitsman says the company is looking at other locations in western Pennsylvania and Ohio.
While the company is known as a large ferrous scrap processor, Upstate says it is more aggressively looking to grow its nonferrous business because of its large shredder. “We are pushing the nonferrous business and we already are one of the larger nonferrous players in the area,” Weitsman says.
The acquisition of Jack’s Recycling marks the 17th location for Upstate Shredding – Ben Weitsman.