Schnitzer Steel Industries has reached a definitive agreement to acquire the assets of Max Cohen and Sons, dba Advanced Recycling, a metals recycler with four processing facilities located in New Hampshire. Advanced Recycling handles about 250,000 tons of ferrous scrap metal and 25 million pounds of non-ferrous scrap metal annually.
"This acquisition is consistent with our strategy of expanding our presence in New England and leveraging the infrastructure investments we have been making at our facilities in the area," said John Carter, Schnitzer's president and CEO. "The Cohen family and Schnitzer together have a long history of experience in the recycling business and this acquisition furthers Schnitzer's dedication to customer satisfaction, protection of the environment and the promotion of recycling throughout the New England region."
Schnitzer also announced that upon completing the acquisition it has designated Steven Cohen, president of Advanced Recycling, as director of its Northern New England operations.
The acquisition is expected to close in approximately 90 to 120 days.