Waste360 is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Upstate Shredding CEO Buying Significant Stake in Recycling Competitor Metalico

Article-Upstate Shredding CEO Buying Significant Stake in Recycling Competitor Metalico

Upstate Shredding LLC-Ben Weitsman Recycling’s CEO has acquired a significant stock holding in the scrap recycling firm’s biggest competitor, Metalico Inc.

Adam Weitsman, CEO of the Owego, N.Y.-based Upstate, has purchased 5.56 million shares of scrap processor Metalico, based in Cranford, N.J.

The acquisition gives Weitsman a 9.54-percent stake in the company. He becomes Metalico’s largest shareholder, owning more shares than Carlos Aguero, Metalico’s co-founder, president and CEO.

Weitsman declined to give his strategy in buying shares of his competitor, according to a report in American Metal Market confirmed by Upstate Shredding.

Upstate Shredding has been expanding aggressively in the Northeast.

Metalico employs 600 people in 27 operating locations in seven states.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish