United States – Kentucky-based scrap processor Industrial Services of America has signed a deal to buy the inventory of Venture Metals for more than US$ 8.8 million. The purchase, which includes stainless steel and high-temperature alloys, was funded through an existing line of credit, according to a recent filing with the US Securities and Exchange Commission. The two parties, both of which are headquartered in Louisville, are expected to reach a deal shortly for the remainder of the fixed assets.
Industrial Services specialises in waste and recycling services, scrap processing and brokering, and equipment rental and services, according to its website. Venture Metals buys and sell scrap metal for recycling and remelting within the stainless steel industry.
According to the filing, Steve Jones, Jeff Valentine, Carlos Carona and 18 other current Venture Metals staff members should become employees of Industrial Services within a short period of time. The deal also gives Industrial Services the right to use Venture’s property for two years for a rental of US$ 15 000 a month; the two parties anticipate negotiations will take place for the sale of the property which is owned by an investment company affiliated with Venture Metals.