NEW YORK Prime Materials Recovery Inc. (PMR) is targeting an increased presence in the Latin American and Caribbean scrap metal import market with its acquisition of Miami-based Allied Metal Corp.
PMR chief executive officer Bernard Schilberg told AMM that Allieds presence in the Latin American scrap market was very attractive to our strategic plan for metal procurement, noting that Allieds warehouse facilities are within a mile of the Port of Miami.
We felt we needed a presence in Latin America, he said. We can now market material coming from Latin America in the United States, as well as Asia.
Allied founder Paul Mosheim and its senior management will remain with the company, continuing to lead its international operations.
Retaining the expertise of Allieds management was a major driver in the deal, Schilberg said. They understand the culture of working in Latin America, he added.
The company will also retain the Allied name. The financial terms of the transaction were not disclosed.
East Hartford, Conn.-based PMR processes and brokers more than 360 million pounds of nonferrous metals each year via its scrap processing facilities in Canastota, N.Y.; Willimantic, Conn.; Shelby, N.C.; and Orangeburg, S.C., according to a statement. It distributes a range of copper-based alloys, aluminum, tin, zinc, nickel and lead for resale to mills and foundries.
Allied Metal Corp. is not related to Chicago-based smelter Allied Metal Co.