Schnitzer Steel Industries, Inc. has acquired substantially all the assets and certain liabilities of Regional Recycling, LLC, a metals recycling business with 10 locations in the Southeastern United States.
"Our acquisition of Regional provides us with a new and solid presence in the Southeast, and complements our metals recycling businesses and our recent acquisition of Greenleaf Auto Recyclers. With the acquisition of Regional, Schnitzer's ability to serve domestic and export markets from either coast is significantly enhanced," said John Carter, Schnitzer Steel's president and CEO. "These are well-run operations that we believe will be smoothly integrated them into our existing businesses. We anticipate the Regional acquisition will be immediate accretive to earnings."
Schnitzer also said that Byron Kopman and David Romanoff will hold positions as executive directors of Schnitzer Southeast.
The newly acquired assets will be operated under the name of Regional Recycling, a Schnitzer Company, with locations in Alabama (Attalla, Birmingham and Selma) and Georgia (Atlanta (3), Bainbridge, Cartersville, Gainesville and Rossville).
The total consideration paid to Regional for these operations was $65.5 million in cash and the assumption of certain liabilities.