A Midland, UK scrap firm has bought a Yorkshire, UK, rival for an undisclosed sum. Cronimet has bought Rotherham- based Tinico Alloys from owners Alex Kelly and David Catlyn.
The deal moves Cronimet to a stronger position in the UK scrap stainless steel market, increases its annual sales to around $37 million.
Tinico, based in Rotherham, has operations in Hessle, near Hull, St Helens and its headquarters in Cannock.
The British-based company is part of German-owned Cronimet, which handles more than one million metric tons of scrap stainless steel and nickel alloy each year.
Cronimet has operations in Germany, the United States, South Africa, the Philippines, Russia, France and Sweden. The company recycles scrap stainless steel and nickel alloy from merchants and manufacturers and sells it to major stainless steel producers across the globe.
According to Cronimet's marketing director Paul Westwood, the acquisition of Tinico is part of a UK and worldwide expansion program for the company.
'We have quadrupled our turnover in the UK in the past five years and we want to continue growing. This deal is an important part of our plans for growth. Tonnage is king. The more material we supply, the greater the price we can command from our consumers,' said Westwood. Birmingham (UK) PostLatest from Recycling Today
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