Nov 25 2010
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today announced that it has executed a definitive agreement to acquire substantially all of the assets of Macon Iron & Paper Stock Company, Inc. of Macon, GA.
“Schnitzer Steel Industries is committed to accelerating its rate of growth through an expansion of our domestic supply network,” said Tamara Lundgren, CEO of Schnitzer Steel Industries. “Expansion in the Southeastern Region represents an important market for industrial manufacturing and supports our disciplined strategy for growth in targeted markets.”
“The acquisition of Macon Iron & Paper Stock Company, Inc. further strengthens our Southeast platform,” said Don Hamaker, President of Schnitzer Steel’s Metals Recycling Business. “Since our 2005 purchase of Regional Recycling, we have expanded by an additional 4 facilities to demonstrate our commitment to growth in this region. To that end, Schnitzer Steel and Macon Iron & Paper Stock Company Inc. are already well aligned in our commitment to our customers and community.”
“I know our customers and employees will be well-served both now and into the future,” said Evan Koplin, President of Macon Iron & Paper Stock Company, Inc. “We are excited to join the Schnitzer Steel family and appreciate that the core values of our business are so closely aligned.”
Macon Iron & Paper Stock Company’s metal recycling operations have served the Southeast Region from two sites in Macon, Georgia. It has operated from its current base of operations at 950 Lower Poplar Road, Macon, GA for 41 years. Closing of the transaction, which is expected to occur shortly, is subject to normal closing conditions. Terms of the transaction were not disclosed.