Metalico hints another buy may be nixed; earnings jump

Oct 27, 2006 | 11:45 AM | Paul Schaffer

Metalico Inc., which expects to operate a vehicle shredder eventually, said it might not be the one the company has been looking at since March.

Negotiations could continue until the end of the year, but the car grinder owned by Union Processing Corp., Auburn, N.Y., isn't a done deal, Carlos Aguero, Metalico's chairman, president and chief executive officer, said.

In March, the company signed a letter of intent to acquire most of the operating assets of Union Processing (AMM, March 14). The shredder, which handled 120,000 short tons of feedstock in 2005, is located near Auburn, in North Chili, N.Y.....

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