Dec 2 2010
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) announced three transactions today related to its Auto Parts Business.
The three transactions included the acquisition of substantially all of the assets of Waco U-Pull-It, Inc. located in Waco,Texas; a facility in Stockton, California that will be developed into a specialty self-service facility; and a property adjacent to one of its facilities in Portland, Oregon which will enable expansion of the existing operation.
“These three transactions continue the expansion of the footprint of our Auto Parts Business and demonstrate the disciplined execution of our stated strategy to develop scale in core supply regions to obtain scrap at its earliest stage of disposal,” said Tamara Lundgren, CEO of Schnitzer Steel Industries. “We are expanding our network of retail Pick-n-Pull stores and continuing to expand in the high growth Texas market.”
“Pick-n-Pull continues to build its presence in Texas by adding an important location to our existing footprint of four retail stores in the Dallas/Ft. Worth Metroplex and one in San Antonio,” said Tom Klauer, President of Schnitzer Steel’s Auto Parts Business. “This acquisition marks our entry into the Waco market and supports our concentrated growth strategy in core regions.”
“Our acquisitions in Stockton, California and Portland, Oregon demonstrate our commitment to expanding our facilities in these attractive markets. In both cases, we intend to aggressively grow our capacity and retail operations. Pick-n-Pull will continue to actively pursue growth in both new and existing markets.”