Schnitzer Adds Three Stores to Subsidiary

Schnitzer Steel Industries, Inc. announced that its wholly owned subsidiary, PNP Auto Parts Canada Co., signed definitive agreements to buy the assets and will lease the sites of three self service used auto parts stores in Calgary and Edmonton, Alberta and Kelowna, British Columbia. The three stores currently operate under the name of Pick Your Part.

Under terms of the agreements, PNP Auto Parts Canada Co. will purchase the inventory, equipment and other assets from affiliates of Sheppard Holdings, the previous owner.

Robert Philip, president and CEO of Schnitzer, said, "We anticipate the acquisition of the Pick Your Part stores will fit in nicely with our 23 existing Pick-N-Pull stores located in the United States. This acquisition expands the geographic scope of our auto parts business into the Canadian market as part of our strategy to aggressively grow the business in North America."

Schnitzer’s subsidiary operates stores in six states in the West and Midwest.

The acquisition of the Canada stores is the first follow-up to Schnitzer's acquisition to complete its 100 percent ownership of its previous 50 percent joint venture in Pick-N-Pull Auto Dismantlers and acquire the Stockton, Calif., Pick-N-Pull, last February.