Scrap metal company buys big share of rival

ALBANY (Scrap Monster): One scrap metal company with big operations in the Rochester area has purchased a big stake in one of its competitors.

Adam Weitsman, CEO of Upstate Shredding LLC , has purchased roughly 5.6 million shares of Metalico Inc., according to a filing this week with the U.S. Securities and Exchange Commission. That gives him a 9.5 percent stake in the company.

Tioga County-based Upstate Shredding acquired the assets of Genesee Scrap in Rochester in August 2011. Metalico, based in New Jersey, has scrap operations on Scottsville Road in Chili; Portland Avenue in Rochester; and in Bergen, Genesee County.

The 5.6 million shares cost roughly $2.6 millon.

Courtesy: http://www.democratandchronicle.com