Philip Services Corp. closed the sale of Recyclage d’Aluminum Quebec to Berzelius Umwelt-Service, AG of Duisburg, Germany, for around $10 million, the majority of which will be used to pay down debt under the Company's term credit facility.
"PSC received good value for this business, which was not directly related to the Company's metals recycling operations," said Anthony Fernandes, chairman and CEO. "Proceeds from the sale will allow us to further reduce our senior secured debt, strengthen our balance sheet and build on our core strengths."
Recyclage is a leading recycler of aluminum dross for the Quebec aluminum industry. At its facilities in Becancour and Baie-Comeau, Quebec, Recyclage re-melts the dross to recover aluminum.
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