Hi-Rise Recycling Systems, Inc. completed the acquisition of AG Products, an Arizona based manufacturer and distributor of high quality waste handling equipment.
Hi-Rise acquired all the issued and outstanding common stock of AG Products, for $11.2 million, consisting of $9 million in cash and $2.2 million in Hi-Rise common stock. Hi-Rise anticipates the AG Products acquisition will be accretive to its earnings.
AG's primary business is the manufacturing and supply of waste handling equipment such as containers, hoists, tarps and new truck sales to the Arizona, Nevada, Texas and Southern California markets. AG's manufacturing facility is located in the Phoenix, AZ market. The Company said that it expects AG's facility to meet its growth needs for the foreseeable future.
The Fiber Resource Group hired Jacqi Kadtka-Zeiler to its sales operations. She will be responsible for international business development for the company. The company is a domestic and international secondary fiber, job lot, and pulp brokerage operation.
The Fiber Resource Group may be reached at (978) 524-0550.
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