USA Recycling Industries Acquiring Majority Stake in Scrap Metal Exporter

USA Recycling Industries Inc., based in Reading, Pa., has signed a letter of intent to acquire a 51 percent interest in Earth Metal Scrap USA Inc., a New York-based exporting firm with facilities in India and Dubai.

USA Recycling, formerly known as Voyager Petroleum Inc., is a scrap metals recycler servicing the automotive service center chain store industry.

In an announcement, USA Recycling says that it expects to close the deal “no later than 14 days from the date of the Letter of Intent.”

As for taking a majority stake in Earth Metals, Vincent Smith, USA Recycling’s CEO, says, "The agreement with Earth Metal Scrap USA allows the company to have significant access to end users and considerable pricing advantages when negotiating within the international scrap metal trading markets."

"This arrangement provides our international consumers with direct access to a large North American scrap metal auto parts supplier with a high-quality, on-going stream of foundry-grade materials," adds Kamal Patel, Earth Metal Scrap’s CEO.