Metalico to divest non-core assets to slim debt

Jun 04, 2014 | 06:06 PM | Lisa Gordon

Tags  metal recycler, Carlos E. Agüero, Metalico, non-core asset, Lisa Gordon

PITTSBURGH — Metalico Inc. plans to put some of its non-core assets on the selling block to strengthen its balance sheet.

The Cranford, N.J.-based metal recycler announced it will sell undisclosed assets and use the money to pay down institutional debt. Its directors worked to devise an asset sale strategy following the company’s annual stockholders meeting.

"We’ve identified assets that are less synergistic with our strategy of growing our core scrapyard and shredder network and we’ve begun the process," Carlos E. Agüero, Metalico’s president and chief executive officer, said in a statement June 4. ....

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