Australia-based Northam Platinum is entering the U.S. market with a $10.7 million acquisition of platinum-group metals recycling equipment and property from A-1 Specialized Services.
The company will acquire multiple ceramic catalytic converter processing lines and ancillary equipment, including sampling and separation systems, transportation and a materials handling fleet.
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“The transactions represent a low-cost entry by Northam into a key segment of the broader PGM market. Northam has secured an excellent asset base of strategic future importance,” said Northam CEO Paul Dunne in an update to shareholders on Friday.
“Northam will be able to participate in the growing demand for recycled PGMs from autocatalysts and maintain and develop a strategic footprint in North America,” he added.
The transactions are expected to close by September 1.