East Coastâ€™s Largest Privately Held Scrap Metal Company
Expands Services and Modernization to Syracuse Market
Online PR News – 10-June-2010 – – Adam Weitsman, president of Upstate Shredding LLC, today announced his companyâ€™s upcoming acquisition of Matlow Company, Inc. located in Solvay, New York, a suburb of Syracuse. The all cash deal to acquire the assets, land and equipment of the ferrous and nonferrous scrap metal dealer is scheduled for closing in mid December. Matlow, which has been serving the Syracuse scrap metal market for over 90 years, will complement Upstate and its sister company Ben Weitsman & Son scrap metal processing operations in Owego, Binghamton and Ithaca. Steve Green, Upstateâ€™s executive VP and former purchasing manager for Nucor Steel, will manage the Syracuse operation. Peter Matlow will join the management team.
â€śThe acquisition of Matlow is part of our strategic expansion that is allowing us to offer some of the highest prices paid for scrap metals in the Northeast. Syracuse will become a modernized, environmentally responsible, customer-convenient location. It will become a feeder station for our Owego mega scrap metal processing plant that in the process of completing a $25 million dollar upgrade to make it one of the most technically advanced and efficient in the world,â€ť said Weitsman. Upstate also plans to open a seven-acre Scranton, Pennsylvania facility in spring 2010 and is actively looking at other Northeastern locations.
Upstateâ€™s new Syracuse operation will now be open seven days a week and operate under the Ben Weitsman & Son name. The facility will undergo a comprehensive renovation to meet the high environmental and operational efficiency standards set at other Upstate facilities. This will involve new buildings, complete yard pavement, the installation of a new storm water treatment plant and landscaping for noise mitigation and to improve community aesthetics.
Equipment upgrades will include three new Sennebogen cranes, two new mobile shears and a new Harris HRB bailer. By installing new high speed conveyors, new container loading systems and coupled with Upstateâ€™s fleet of 1200 roll-on-roll-off containers, and direct rail access, the Syracuse location will have access to global scrap metal markets for the first time. Until the acquisition, Matlow sales were historically 100% domestic, but are expected to become 90% export and 10% domestic to fall in line with Upstateâ€™s
sales distribution. After staff reviews, the new operation is likely to create additional jobs.
â€śThe reason for this deal is simply market expansion. Out goal is to make one billion dollars of debt free sales annually. To make it happen we are seeking acquisitions and aggressively investing in new markets and the latest scrap metal processing technology. We want to continue to deliver the best value to our customers and emerge from the slow economy even stronger,â€ť Weitsman concluded.