Schnitzer Steel Industries Inc. announced Thursday that it has signed an agreement to acquire Puerto Rican scrap recycler Ponce Resources. The companies did not disclose any terms of the acquisition. The deal is expected to close during Schnitzer's first quarter of 2009.
Ponce operates four locations in the Commonwealth of Puerto Rico that collect, process and sell ferrous and nonferrous scrap metal. The acquisition allows Schnitzer, a global leader in the metals recycling industry and one of the largest manufacturers and exporters of ferrous products in the US, to expand its presence in Puerto Rico.
John Carter, CEO of Schnitzer, said, "This acquisition demonstrates our continued confidence in the positive long-term fundamentals supporting our metals recycling business and the general public's desire for and support of environmentally sustainable business activities, and is consistent with our strategic objective of acquiring companies with an established presence in their local markets, access to water-based transportation and an experienced management team."