Metal Management Completes Acquisition of Morris

Metal Management, Inc. has completed the acquisition of substantially all of the assets of privately held Morris Recycling, Inc. Terms of the transaction were not disclosed.

Morris Recycling is a full service scrap metal recycler serving Mississippi and portions of Arkansas, Tennessee and Alabama.

Morris has 10 operating facilities including a shredding plant on the Mississippi River. The company handles around 240,000 tons of ferrous metals and 32 million pounds of nonferrous metals a year.

Daniel Dienst, Metal Management’s chairman, president and CEO, said, "The Morris assets fit neatly into our existing footprint in the Mid-South region and advance our ambition to make Metal Management the largest, strongest and most profitable scrap metal recycler in North America. We expect that this acquisition will be accretive to Metal Management's earnings per share, and will provide us with additional facilities from which to serve our important customers and consumers."

Dienst continued, "This transaction exemplifies our disciplined approach to pursuing value-creating acquisitions that complement our existing operations. We have previously stated that by being patient Metal Management would find opportunities with characteristics that meet our stringent acquisition criteria: geography contiguous with existing Metal Management facilities, attractive transportation attributes, accretion to earnings and employees with a shared culture. We are fortunate to be able to check all of these boxes in acquiring the Morris business and we look forward to welcoming the Morris employees into the Metal Management family."