Dresner Partners Advises Cohen & Green on its Sale to Recycle South LLC
|Wednesday, June 25, 2008|
CHICAGO – June 25, 2008 – Dresner Partners, a leading FINRA-registered middle-market investment bank, announced that it recently advised Cohen & Green Salvage Company and its sister companies, Lumberton Recycling Company and Raeford Salvage Company, on its sale to Recycle South LLC. Terms of the transaction, which closed on May 27, 2008, were not disclosed.
Cohen & Green Salvage, founded in 1946, in Fayetteville, N.C., is a leading regional processor of ferrous and non-ferrous scrap metal with a strong and longstanding base of retail and industrial customers throughout Southern North Carolina. Together with its sister companies, which have operations in Lumberton and Raeford, the three companies handle approximately 80,000 gross tons of scrap metal annually.
“The Cohen & Green companies have operated successfully with a rich tradition in Southeastern North Carolina and we are pleased to have these facilities and their employees as part of the Recycle South family,” said Marvin Siegel, Recycle South Chairman and CEO.
Michael Green, CEO of Cohen & Green and its sister companies, added, “We believe our future with Recycle South will enhance the service we provide to our suppliers and customers and will provide long-term opportunities to our employees in an ever changing industry.”
Recycle South, formed last year with the merger of Carolinas Recycling Group and Atlantic Scrap & Processing, is headquartered in Spartanburg, S.C. and now operates a total of 22 scrap metal processing facilities in the Carolinas and Georgia with approximately 700 employees. Recycle South is one of the leading metal recycling companies in the Southeast with annual shipments of approximately 1.5 million gross ton of ferrous and 250 million pounds of non-ferrous scrap per year. As of May 2008, Recycle South operated as a wholly-owned subsidiary of OmniSource Corporation, one of the largest processors and distributors of scrap and secondary metals in North America.
Based in Fort Wayne, Ind., OmniSource generates annual sales revenue of $2.5 billion, from 5 million tons of ferrous scrap and 900 million pounds of non-ferrous metals. OmniSource employs more than 2,000 people in 43 facilities located in the eastern United States and Canada.
OmniSource operates as a wholly-owned subsidiary of publicly-traded Steel Dynamics, Inc. (NASD: STLD), the nation’s fifth largest producer of carbon steel products with 2007 annual revenues of $4.4 billion and annual shipments of 6.2 million tons.
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