SEATTLE (Scrap Monster): MetalX- the leading Fort Wayne-based scrap metal recycler announced major expansion to its northeast Indiana footprint through acquisition of assets of Wabash, Indiana-based aluminum recycler and melting operation, SRT Aluminum. The deal incorporates aluminum melting capabilities to MetalX portfolio of operations.
The deal is expected to close during the month of July this year. Upon closing, all the SRT employees will join MetalX. The merged entity will have the capability to handle more than 350 million pounds of nonferrous scrap per annum.
Commenting on the acquisition, Danny Rifkin, Chief Executive Officer, MetalX said that the acquisition gets the company into business in a meaningful way and is a solid platform for further accelerated growth. In addition to securing its own production needs and significantly broadening its service offering to its existing customers, the acquisition will also support its focus on developing sustainable methods to create high-quality scrap and secondary products, he added.
MetalX views aluminum melting as a complementary addition to its scrap business. The company foresees tremendous potentials to grow the business, including implementation of new projects aimed at boosting capacity.
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