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On facebook last night, there are negotiations going on today for a potential large aquastions. Company looking to acquire others is nearing completion of a nearby shredder and looking to develop a network of feeder yards. I'll update later if I hear more.
Which shredder is it?
Upstate Shredding / Ben Wietsman is opening in New Castle in 4 weeks.Quote:
Originally Posted by APA
Ben tried to buy Metallico. He buys a lot of ferrous. He buys a lot in general.
I would think he wants to put a hurting on PSC and all of the Youngstown ferrous buyers. I know I would love to purchase his converters if he gave me a chance.
Not winning that battle for metalico may have been the best outcome for Adam Wietsman, mainly due to the past year of low prices and volumes. He still came out a million ahead on his stock. I agree that he is going after PSC and Metalico.Quote:
Originally Posted by APA
I am not sure if it would have been good or bad.
17 days until the shredder opens in New Castle, PA. Was told something is brewing in Pittsburgh. Also sounds like thier may have been some deals, aquisition or just supply, in northeastern Ohio. Should be interested to see what develops over the next couple of months. Also be interesting to see how the competition reacts.Quote:
Originally Posted by mthomasdev
It wasn't so much the low prices as much as the debt Metalico is carrying. I think Weitsman posted recently that Metalico is currently around 7 million dollars in debt.Quote:
Originally Posted by mthomasdev
Metalico's debt was either paid off with the sale or assumed by Total Merchant. I believe it was paid off. There is no way the banks would have allowed the sale without that.Quote:
Originally Posted by billygoat
New shredder / scrap yard opened today in New Castle. As I mentioned earlier, was told a project is in the works in Pittsburgh (greenfield area). Should be interesting.Quote:
Originally Posted by mthomasdev
Adam Weitsman is like Rockefeller of scrap.