HORNELL — Upstate Shredding, LLC, the largest, privately owned scrap dealer on the East Coast, and its sister business Ben Weitsman & Son, Inc. today announced the acquisition of Hornell Waste Material Co. of Hornell.
Upstate Shredding-Ben Weitsman didn’t release financial terms of the all-cash transaction, which will close within 30 days, the company said in a news release.
The firm finalized the contract on Saturday, Sept. 14.
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The company sees this acquisition as “filling a great need” because it had yet to secure a location in Steuben County, Adam Weitsman, owner of Upstate Shredding and Ben Weitsman, said in the news release.
“With our new export facility at the Port of Albany in full operation and second shredder approved for New Castle, we are eager to find new markets for scrap metal,” said Weitsman, a resident of Skaneateles.
Founded in 1908, Hornell Waste Material Co. is the oldest recycling business in the Hornell area.
Myer Spitulnik owned the company for several years after assuming control following his service in World War II. His son, Danny Spitulnik, has owned the company since his father’s death in January 2012, according to Upstate Shredding.
The Hornell scrap yard is Upstate Shredding’s 15th location between New York and Pennsylvania. The firm operates two locations in both Owego and Ithaca, along with single locations in Syracuse, Binghamton, Buffalo, Albany, Rochester, Liberty, Allegany, and Jamestown.
The Pennsylvania yards are located in Scranton and New Castle.
The Hornell acquisition is part of an active summer of expansion for Upstate Shredding-Ben Weitsman.
The firm also announced the purchase of Reamer Recycling in Ithaca on Aug. 14 and Valley Recycling in Allegany on July 8.
When adding new scrap yards to its network, Upstate Shredding-Ben Weitsman spends several million dollars to improve their operating standards, the company said.
Typical improvements include new scrap-recycling equipment, renovating existing facilities, constructing new buildings, paving yards, installing new fencing and landscaping.
Upstate Shredding-Ben Weitsman has grown “aggressively and profitably” in the past few years, more than “doubling its geographic market reach” since 2011, the firm said.
The company plans to continue expanding through acquisitions in the Northeast throughout this year and into 2014, according to the company statement.
Upstate Shredding-Ben Weitsman generated more than $500 million in revenue in 2012.
Contact Reinhardt at ereinhardt@cnybj.com
