Horsehead Corp., an affiliate of Sun Capital Partners, completed the process of acquiring substantially all of the operating assets of Horsehead Industries, Inc., including its Zinc Corporation of America and Horsehead Resource Development Co. operations.
Horsehead is the largest zinc producer in the United States and the world's largest recycler of zinc bearing materials, including the steel industry's EAF Dust. The company annually produces more than 165,000 tons of zinc products and recycles more than 450,000 tons of EAF Dust.
Horsehead conducts its business under the Zinc Corporation of America and Horsehead Resource Development brands.
Sun Capital said it formed a subsidiary, Horsehead Corp., to buy the assets, including Zinc Corp. and Horsehead Resource Development Co.
According to press reports, the sale was for around $73 million.
Horsehead filed for Chapter 11 bankruptcy protection in August 2002, and had been trying for months to liquidate the bulk of its assets, including Zinc Corp. North American Zinc Corp., a competitor, had been in line to buy Zinc Corp., but it withdrew its offer last August.
Horsehead had operations in six states and primarily produced zinc from recycled sources. The company operated through two subsidiaries, Zinc Corp., based in Monaca, Pa., and Horsehead Resource Development, in Palmerton, Pa.
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