OWEGO, N.Y. — Upstate Shredding, LLC and its sister business Ben Weitsman & Son, Inc. has announced the acquisition of Eastside Metals & Recycling Corp. in Fort Ann, N.Y. in Washington County, north of Glens Falls.
The firm expects the all-cash transaction to close within 60 days.
Upstate Shredding didn’t release any financial terms of the transaction.
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The firm will retain Eastside’s 20 employees and plans to rename its latest acquisition Ben Weitsman of Kingsbury, according to a news release.
Founded in 2003, Eastside Metals & Recycling Corp. is a family owned and operated company that started as a recycled auto-parts vendor.
In its first few years of operation, Eastside grew into the region’s “premier full-service scrap-metal recycling and auto-part center,” Upstate Shredding said in the release.
As it has done with previous acquisitions, Upstate Shredding plans beautification treatment on the site, including landscaping, new fencing, renovation of existing facilities, and brand new equipment, the company said.
The transaction represents the company’s latest move in an active year of acquisitions.
Upstate Shredding on Feb. 28 announced the asset acquisition of Brant Auto Parts in the Chautauqua County community of Irving.
Earlier in February, the firm announced its asset purchase of Capitol Scrap Metal Co. in Albany in an all-cash transaction.
It also announced the asset acquisition of Jack’s Recycling in Mt. Morris, Pa. in January.
Upstate Shredding–Weitsman Recycling, which says it is the East Coast’s largest privately held scrap metal processor, is rapidly approaching 20 locations following its acquisition spree. The locations include two steel-service centers.
The Owego–based company expects to process more than 1 million tons of ferrous and 250 million pounds of nonferrous metal this year as it pursues a goal of $1 billion in annual debt-free sales.
Contact Reinhardt at ereinhardt@cnybj.com
