NEW YORK Wisconsin recyclers United Milwaukee Scrap LLC and Schulzs Recycling Inc. have merged their operations to create a stronger presence in the region, the companies said Oct. 2.
Jeff Isroff, president of Merrill-based Schulzs Recycling, has been named chief executive officer of the merged companies, which will retain their original names.
"We believe this merger provides us with an extraordinary opportunity to better serve the expanding needs of our customers and provide further opportunity to our employees," he said. "I am looking forward to working with all three of (Milwaukee-based United Milwaukee Scraps) current principals: Arthur Arnstein, Steven Lewinsky and Rick Mechanic. This new, larger organization will allow us to attract new talent, broaden our products/commodities, and expand our geographical reach."
A source familiar with the deal indicated that the merger came about purely for strategic reasons without either company collecting any cash.
A spokeswoman for the companies declined to comment on the terms of the merger, but said the combined operations will process more than 85,000 gross tons of ferrous scrap and more than 150 million pounds of nonferrous scrap annually.
Stout Risius Ross Advisors LLC, which served as the financial advisor to United Milwaukee Scrap for the transaction, also offered no comment.
United Milwaukee Scrap owns and operates six facilities in Milwaukee, with offices in Minneapolis and Boston, while Shulzs has two operations in Wisconsin.