Metalico Inc. has terminated an earlier announced agreement to acquire Niles Iron & Metal Co., a Niles, Ohio-based recycling company.
According to the initial agreement, either party had the right to terminate the agreement in the event that the closing of the transaction did not occur by Aug. 31, 2006.
According to a Metalico release, Niles Iron had sent a letter to Metalico’s Metalico Niles subsidiary claiming that it is obligated to close under the Asset Purchase Agreement. However, the release notes, Metalico Niles opted to terminate the agreement and delivered a written notice of termination to NIMCO’s counsel earlier that day.
Metalico is a holding company with operations in two business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. Metalico operates six recycling facilities and six lead fabrication plants in six states.
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