Sierra International Machinery has announced that it has terminated its proposed plan to invest in an equity position with IPS Balers Inc., a Baxley, Ga.-based baling system supplier. Sierra is headquartered in Bakersfield, Calif.
The companies also agreed to terminate the agent distributor relation.
The decision to terminate the plan comes roughly one month after the two companies announced the plan. In that announcement, made in late May, Jon Sacco, president of Sierra International, said, "We are very pleased to have the opportunity to join with our colleagues at IPS to expand on the production and sale of baling equipment and technology for the nonferrous metals, recovered fiber and solid waste industries. Combined with Sierra’s expertise in ferrous shears and balers, this investment gives Sierra a strong position across the spectrum of the baler marketplace."
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