The Cranford, N. J.-based scrap metal recycling firm said in a news release that the Cleveland venture will operate as Metalico JBI Cleveland at a site of a previous scrap yard. It will serve new accounts and support Metalico’s existing Ohio yards in Akron and Youngstown. Joseph Immormino will manage the operation.
The company’s Metalico Rochester Inc. subsidiary bought the assets of Bergen Auto Recycling LLC, including its junk-car inventory and real property in Bergen, a suburb of Rochester. Metalico plans to substantially expand Bergen Auto's salvage car buying capabilities and continue its "pick-and-pull" auto parts business while using the additional access to scrap metal to supply its shredding facility in Buffalo, N.Y.
Terms for the two transactions were not disclosed.
"Our full-service scrap yard platforms are already well established in both of these geographic regions and have ample processing capacity to handle additional flow,” said Carlos Aguero, Metalico president and CEO. “Our expansion into these new locations is consistent with Metalico's growth strategy of penetrating geographically contiguous markets and benefiting from intercompany and operating synergies that are available through consolidation."
Metalico operates 29 recycling facilities in seven states and four lead fabricating plants in three states.