The Reading, Pa.-based scrap metal recycling firm said in a news release it purchased 51 percent of the stock of Lucas, based in Bernville, Pa. The deal provides a strategic bolt-on acquisition and growth opportunity, the company said.
The United States annually generates 425 million used automotive oil filters that contain 160,000 tons of iron units and 18 million gallons of oil. The company said recycling those filters annually would result in the recovery of about 160,000 tons of steel.
"Based on the number of oil filters used every year in this country, we believe that the addition of the collection and disposal of used oil filters is a lucrative opportunity that will add significant revenue to the company's operations in the near term,” said USA Recycling CEO Vincent Smith.