Company also acquires assets of metals recycler in Rochester, N.Y., area.
The metals recycling company Metalico Inc.
, headquartered in Cranford, N.J., has increased its scrap metal recycling presence in northeastern Ohio by expanding into Cleveland with the formation of a joint venture company. Metalico also has expanded in western New York, acquiring a metals recycling company in the Greater Rochester area.
Metalico’s Cleveland joint venture, Metalico JBI Cleveland, is in partnership with Joseph Immormino, who will operate the company, which is located on East 55th St. on the site of a former scrap yard. The company says it expects the Cleveland facility to expand its retail busiess in Northeast Ohio while supporting Metalico's existing yards in Akron and Youngstown, Ohio.
The company also has announced that its Rochester, N.Y., subsidiary has purchased the assets of Bergen Auto Recycling LLC, including its junk car inventory and property in Bergen, N.Y. Metalico says it plans to significantly expand the location’s salvage car buying capabilities and continue its "pick-and-pull" auto parts business while locking additional supply to feed its auto shredding facility in the Buffalo, N.Y., area.
Carlos Agüero, Metalico president and CEO, says, "These additions to our network should have an immediate benefit for us. 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," Agüero adds.