USA – Scrap metal processor USA Recycling Industries is set to acquire a 51% interest in the scrap metal auto parts export business of Earth Metal Scrap USA, Inc – a New York Metropolitan Area-based export firm with trading facilities in India and the United Arab Emirates.
USA Recycling Industries’ CEO Vincent J. Smith states: ‘The agreement with Earth Metal Scrap USA allows the company to have significant access to end users and considerable pricing advantages when negotiating within the international scrap metal trading markets.’ Earth Metal Scrap USA’s CEO Kamal Patel adds: ‘This arrangement provides our international consumers with direct access to a large North American scrap metal auto parts supplier with a high-quality, on-going stream of foundry-grade materials.’
Formerly known as Voyager Petroleum, USA Recycling Industries is a publicly-traded, mid-market scrap metal recycler servicing commercial and industrial customers throughout North America. The company already participates in the global scrap metals market through its acquisition of Scrap USA in December 2010. The company has also announced that it has secured US$ 11 million in investment financing in the form of a US$ 1 million convertible debenture and a US$10 million stand-by letter of credit.