Consolidation working the second time around
Nov 16, 2007 | 06:18 AM
| Frank Haflich
The scrap industry's acquisition binge isn't over, and it isn't likely to meet the same unhappy fate as the consolidation spree of the 1990s, either.
There is more merger and acquisition action today than "anybody's seen since the last consolidation" that took place a decade ago, Vincent J. Pappalardo, managing director of Chicago investment bank Dresner Partners, said at AMM's Scrap Conference in Scottsdale, Ariz. He estimated that 10 to 15 companies could be for sale, with his own company now working on a few deals.
The major deals announced so far this year were Metal Management Inc.'s merger accord with Sims Group Ltd., Sydney, Australia; and Fort Wayne, Ind.-based mini-mill Steel Dynamics Inc.'s recent $1.1-billion acquisition of OmniSource Corp., also based in Fort Wayne.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.