A strategic yard in Western New York has been purchased by Upstate Shredding - Ben Weitsman, company owner Adam Weitsman announced today. In an all-cash transaction, the Owego-based company purchased Valley Recycling, owner of the 28-year-old scrap yard in Allegany.
"This facility has historically had lower sales volumes and higher margins; we're going to change that," Weitsman said. "We're going to raise prices paid out to customers, fully renovate the facility, add staff, and operate seven days a week to make this yard the very best it can be for both our customers and the community."
The yard will be known as Ben Weitsman of Allegany; the transition will occur in approximately 30 days. The yard will benefit from longer hours, seven-day-a-week operation, a complete overhaul of the property and increased manpower. Retail customers will also benefit from Ben Weitsman's top-of-the-market prices paid for ferrous and non-ferrous scrap.
In keeping with company practice, the acquisition was completed without incurring debt to Upstate Shredding Ben Weitsman.
Tim Nolan, Vice President of Valley Recycling, who will be in charge of this operation, said it was the all cash offer and business synergy that sealed the deal in a very competitive acquisition environment for Upstate Shredding-Ben Weitsman.
"We were approached by four separate companies, but Upstate Ben Weitsman came in prepared, with cash on the table and little in the way of drama or reservation," Nolan said. "We felt a great synergy and rapport with their management style and methods of doing business."
Upstate Shredding Ben Weitsman, headquartered in Owego has grown to encompass more than a dozen retail yards in New York and Pennsylvania and is the East Coast's largest privately held scrap metal processor. The Owego shredding headquarters is home to one of the largest mega shredders in the world.
In addition to the current yards, the company is opening an export facility at the Port of Albany later this month and recently announced a second shredding facility and scrap yard in New Castle, Pa., to join its main shedder in Owego to more effectively market the one million tons of ferrous and 200 million pounds of non-ferrous scrap it expects to process in 2014. The company was recently recognized as one of the top scrap & recycling companies in the world by Platts, a McGraw Hill company, and was also an AMM finalist for scrap company of the year.
For more information, please visit www.upstateshredding.com.