OWEGO — Upstate Shredding-Ben Weitsman has announced the acquisition of Valley Recycling of Allegany in Cattaraugus County in an all-cash transaction.
The company completed the acquisition without incurring any debt, which is in keeping with its practice, Upstate Shredding said in a news release.
Once the month-long transition is complete, the firm will refer to its latest scrap yard as Ben Weitsman of Allegany, the company said.
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“This facility has historically had lower sales volumes and higher margins; we’re going to change that,” Upstate Shredding owner Adam Weitsman, a resident of Skaneateles, said in the news release. “We’re going to raise prices paid out to customers, fully renovate the facility, add staff, and operate seven days a week to make this yard the very best it can be for both our customers and the community.”
Tim Nolan, vice president of Valley Recycling, will lead the operation in Allegany. Nolan cited the all-cash offer and business synergy that “sealed the deal,” Upstate Shredding said.
Headquartered in Owego, Upstate Shredding-Ben Weitsman operates more than a dozen retail- scrap yards in New York and Pennsylvania.
The firm describes itself as “the East Coast’s largest privately held scrap-metal processor.” The Owego shredding headquarters is also home to “one of the largest mega shredders in the world,” the company said.
In addition to its current scrap yards, the company is opening an export facility at the Port of Albany later this month.
It also recently announced a second shredding facility and scrap yard in New Castle, Pa., to join its main shedder in Owego.
With the additional shredding facility, Upstate Shredding-Ben Weitsman hopes to “more effectively” market the one million tons of ferrous and 200 million pounds of non-ferrous scrap metal it expects to process in 2014.
Contact Reinhardt at ereinhardt@cnybj.com
