Dive Brief:
- Adam Weitsman, the CEO of Upstate Shredding, has acquired approximately 5.6 million shares of competitor Metalico Inc. for around $2.6 million.
- Weitsman now holds a 9.5% stake in the ferrous and non-ferrous scrap metal processor.
- With corporate headquarters in Cranford,NJ, Metalico also has operations across many states.
Dive Insight:
The end of the 2014 saw Upstate beefing up its assets. In December, Upstate acquired what it considers its “most strategic location purchased to date” when it acquired Murtagh Scrap Handling, of Rome, NY.
By the end of the month, Upstate announced plans to construct a heavy media facility at its Owego, NY property. The state-of-the-art facility comes with an anticipated $15 million price tag and is expected to be finished by mid-year, according to Upstate.
