Ferrous Processing and Trading Co., a Detroit-based scrap metal company, has acquired M. Weingold & Co., a Cleveland- based scrap metal recycling company.
FPT, which operates a dozen scrap yards in North America, processes around 2.5 million tons of scrap metal a year. Most of the company’s locations are in Michigan, with some yards in Ontario, as well as a location in Cleveland.
Howard Sherman, president and CEO of Ferrous Processing, said the acquisition strengthens FPT’s growth goals in the Great Lakes region.
"This move strengthen Ferrous Processing and Trading’s ability to serve its customers throughout the region and opens the door to new opportunities for us in Cleveland and surrounding markets," Sherman said.
“When Ferrous Processing and Trading Company was made aware of the opportunity to acquire the assets of M. Weingold & Co., we recognized that this leader in the Cleveland marketplace would be an excellent fit with our Ohio business platform,” Sherman added.
The acquisition of the M. Weingold & Co. assets underscores Ferrous Processing and Trading Company’s growth strategy in the
The announced acquisition by FPT continues a rapid move toward consolidation in the Midwest.
Over the past two weeks, in addition to FPT, Omnisource and Alter Trading have announced fairly large-scale acquisitions in the Midwest, which have strengthened the supply stream for scrap metal suppliers.