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USA - Schnitzer Steel acquires 3 assets to expand auto business

Schnitzer Steel Industries Inc announced three transactions related to its Auto Parts Business. The three transactions include

1. Acquisition of substantially all of the assets of Waco U-Pull-It Inc located in Waco,Texas

2. Acquisition of substantially all of the assets a facility at Stockton in California that will be developed into a specialty self service facility

3. A property adjacent to one of its facilities at Portland in Oregon which will enable expansion of the existing operation.

Mr Tamara Lundgren CEO of Schnitzer Steel Industries said “These three transactions continue the expansion of the footprint of our Auto Parts Business and demonstrate the disciplined execution of our stated strategy to develop scale in core supply regions to obtain scrap at its earliest stage of disposal. We are expanding our network of retail Pick-n-Pull stores and continuing to expand in the high growth Texas market.”

Mr Tom Klauer president of Schnitzer Steel’s Auto Parts Business added that “Pick-n-Pull continues to build its presence in Texas by adding an important location to our existing footprint of four retail stores in the Dallas/Ft. Worth Metroplex and one in San Antonio. This acquisition marks our entry into the Waco market and supports our concentrated growth strategy in core regions.”

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