Timken jumping into scrap arena with Ohio yard buy
Nov 15, 2010 | 12:23 PM
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Timken Co. is making the leap into the scrap metals business with the planned acquisition of City Scrap & Salvage Co. in Akron, Ohio.
Timken has been planning to acquire the scrapyard from members of the Katz family for about a year, according to industry sources, but said nothing publicly about its plans.
Steve Katz, president of the scrap company, declined to comment on the potential acquisition, while a spokeswoman for Canton, Ohio-based Timken said the steelmaker has been City Scrap's largest customer of recycled metal for its Canton-area steel operations. For that reason, the property is of interest to Timken, but no acquisition deal has yet been reached, she said.....
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