Carolinas Recycling Group LLC (CRG) and Atlantic Scrap and Processing LLC have reached an agreement to merge the companies into a consolidated entity that is expected to handle more than 1.2 million tons of ferrous scrap and 230 million pounds of nonferrous scrap annually.
The transaction is expected to close in the first quarter of 2007, subject to conditions. The merger will create a scrap processing company that will employ more than 500 people in 16 locations throughout the Carolinas and
According to officers from both companies, the merger will help set in motion plans for continued growth and investment. CEO Marvin Siegel of CRG says, “Our employees will have the opportunity to be part of this growing enterprise that will stretch across much of the Southeast.”
Adds Siegel, “CRG is very excited to become partners with Atlantic Scrap. This merger is a perfect fit as both companies share such similar management styles and operating philosophies. The result will be a new, larger entity operating five shredders and 16 locations that is more capable of providing services to its customers with the same high standards that we have come to expect from ourselves.”
Frank Brenner, president of Atlantic Scrap adds, “In the five short years since the inception of Atlantic Scrap & Processing LLC I have seen our business develop into the largest recycler in