NEW YORK Alter Trading Corp. has acquired a large warehouse in Illinois and completed a greenfield expansion as it targets rapid growth in the state, AMM understands.
Sources familiar with the development said the St. Louis-based scrap company bought a warehouse in Peoria it previously was leasing. The company also has launched operations at a second warehouse facility in Bloomington, with one source calling that expansion a "small greenfield project."
The company did not disclose financial details of the transactions or what volumes the new site is equipped to process.
A company spokesman said it will focus "aggressively" on both ferrous and nonferrous scrap collection and processing at the Bloomington facility, which AMM understands will serve as a feeder yard to the companys shredder in Davenport, Iowa.
"One thing that is unique about Bloomington is that our ferrous operation is under cover, so there are no exposures for environmental impact," the spokesman said.
A second company source said the Bloomington expansion is part of the companys strategy to expand its geographical reach to the East.
"This will give us further penetration in Illinois. Weve had a similar warehouse in Peoria. We were leasing it, so we went ahead and acquired the building there last month," he said. "Family auctioned the building, so we bought it just before Thanksgiving."
The Bloomington facility, which became operational just before Thanksgiving, also is set up to ship nonferrous scrap directly to end-users.
Alter Tradings expansion in Illinois comes just two months after the company announced it had acquired Milwaukee-based recycler Miller Compressing Co. for an undisclosed sum (amm.com, Sept. 28).