NEW YORK Metro Metals Northwest Inc. has purchased Colorado mega-shredder All Recycling Inc.
Portland, Ore.-based Metro Metals earlier this week completed its acquisition of all the assets of All Recycling, just a year and a half after it picked up a 50-percent stake in the Englewood, Colo.-based business.
Metro Metals president Victor Winkler told AMM the deal was completed after All Recyclings owners expressed their desire to retire from the business.
"We bought half of All Recycling 18 months ago because it was a very good fit for us. A few weeks ago, (the owners) told us they wanted to retire. I didnt expect it to be this quick," Winkler said. "Its a beautiful operation, so we stepped in and bought the entire operation."
Although the companies did not disclose any financial details, an industry source said the acquisition cost "in the hundreds of millions" of dollars.
Metro Metals will retain all of All Recyclings employees and "only make changes to the business model," Winkler said.
The company expects to complete a few more acquisitions in the coming months, he said. "Its getting bigger. Were working on other acquisitions in other regions. Were pushing to cross $1 billion in sales for 2013 and were getting close to it."
All Recyclings 20-acre facility houses a 6,000-horsepower mega-shredder, the largest in the Denver area. The facility, which ships an average of 40,000 tons of ferrous scrap per month, is focused primarily on domestic business, Winkler said.