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Metal Recycling News August 18, 2021 03:00:05 PM

AZR Completed Sale of Recycling Business

Paul Ploumis
ScrapMonster Author
The transaction covers four U.S. manufacturing facilities that recycle dust generated by EAF steel companies.

AZR Completed Sale of Recycling Business

SEATTLE (Scrap Monster): American Zinc Recycling (AZR) LLC announced closing of sale of its recycling business. Accordingly the U.S. subsidiary of Befesa S.A. has purchased all of the stock of American Zinc Recycling Corp. and acquired minority position in American Zinc Products LLC. The transaction covers four U.S. manufacturing facilities that recycle dust generated by EAF steel companies.

Further to Befesa’s acquisition of minority stake in American Zinc Products, AZR LLC will continue to own majority interest in it, apart from the interests owned by a U.S. subsidiary of Glencore S.A. Also, Befesa has an option to acquire the remaining equity interests upon fulfilment of operational and financial performance milestones prior to end-2023. Also, AZR LLC has a corresponding put option against Befesa and it will continue to own all the equity interests in its subsidiary, INMETCO.

According to company press release, Michael Griffin, formerly the Executive Vice President and COO of AZR LLC will now serve as the President and CEO of AZR LLC. Also, Andrew Repine, formerly Vice President of Finance, will be its new CFO. Further to the transaction, AZR LLC will be renamed to ‘Metals Recovery Holdings LLC.

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