Metalico completes sale to Total Merchant

US scrap metal operator Metalico, Inc. has completed its acquisition by Total Merchant Ltd. In June this year, Metalico confirmed that it had accepted Total Merchant's all-cash offer of some US$ 102 million subject to the approval of shareholders. It will continue operating under its current management.

Metalico, Inc. and its subsidiaries run ferrous and non-ferrous scrap operations, as well as platinum group metal and minor metal recycling facilities. Operating three car shredders, the company has locations in New York, Pennsylvania, Ohio, West Virginia, New Jersey and Mississippi.

The company expects the relief from debt resulting from the sale and its strengthened balance sheet to 'reinvigorate Metalico as a prominent force in its markets and potential acquirer of other scrap operations'. Total Merchant is a privately-held investment vehicle formed to seek appropriate opportunities in the US metals and commodities markets.

Total Merchant is controlled by Chung Sheng Huang, the chairman of the board and managing director of Ye Chiu Group, a leading recycler and producer of aluminium and aluminium alloys and a prominent Asian scrap metal recycler.

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