Date: August 2, 2007
Source: Metal Management, Inc.
Metal Management, Inc. Completes Acquisition of Universal Recycling, Inc.
Assets Complement Metal Management's Already Strong Presence in the Midwest
Metal Management, Inc. (NYSE: MM), one of the nation's largest full service scrap metal recyclers, today announced that it has completed the acquisition of substantially all of the assets of privately held Universal Recycling, Inc. Terms of the transaction were not disclosed.
Universal Recycling is a full service scrap processing firm, specializing in demolition, roll off boxes and mobile crane service. Through its three operating facilities in Gary, Chesterton, and La Porte, Indiana, Universal Recycling handles approximately 80,000 tons of ferrous metals and 10 million pounds of nonferrous metals each year.
"Universal Recycling is a great addition to our already strong presence in the Midwest region," said Daniel W. Dienst, Chairman, President and Chief Executive Officer of Metal Management. "We expect that this acquisition will be immediately accretive to Metal Management's earnings per share and will provide us with three additional facilities in Northern Indiana from which to collect scrap metal and better serve our consumers."
"Though the financial and strategic benefits of this transaction are compelling, most important is that the managers and all of the talented employees of Universal Recycling share our values and will fit seamlessly into the Metal Management culture of integrity, safety and environmental responsibility," Mr. Dienst added. "We want to welcome everyone at Universal Recycling to the Metal Management family."
The acquisition is being funded from borrowings under the company's line of credit.
About Metal Management, Inc.
Metal Management is one of the largest full service metal recyclers in the United States, with 53 recycling facilities in 17 states. For more information about Metal Management, Inc., visit the Company's website at www.mtlm.com.
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Analysts & Investors:
Metal Management, Inc.
Robert C. Larry, Chief Financial Officer
Joele Frank, Wilkinson Brimmer Katcher
Andrew B. Siegel / James H. Golden