OWEGO, NY, November 15, 2010
/24-7PressRelease/ -- Upstate Shredding - Ben Weitsman & Son today announced the acquisition of the property and assets of Towanda Iron & Metal, Inc., in an all-cash transaction. The closing will take place on January 2, 2011. The Towanda Iron & Metal scrap metal business, located at One River Street in Towanda, has been serving the northeastern Pennsylvania area for over 60-years. M. Barry Aronson originally purchased the company in 1947 from Sol Spitulnik.
Towanda has been engaged in buying scrap metals from industry, brokers and individuals, and grading and preparing ferrous and nonferrous metals for resale to steel mills and foundries.
It will be renamed Ben Weitsman of Towanda. Brad Aronson, the current president and owner will manage the location. All current managers and staff will remain to ensure business continuity.
President of Upstate Shredding, Adam Weitsman commented on the deal, "Towanda fits perfectly into our strategic expansion plan and the location is ideal for acquiring and transporting scrap metals to our mega shredder in Owego, New York." Towanda, the county seat of Bradford County, is 66 miles northwest of Wilkes Barre on the Susquehanna River and served by the Susquehanna & New York Railroad and Conrail as well as Route 6, which is adjacent to the scrap yard.
As with the original feeder yard locations in Owego, Binghamton, and Ithaca and the other recent Upstate - Ben Weitsman acquisitions of scrap metal companies in Syracuse, Jamestown and Liberty, New York, the Towanda facility will undergo a major renovation and equipment upgrade. Plans include building a new steel warehouse, paving the entire yard, installing new truck scales, cranes, mobile metal cutting shears, loading machines and fleet of trucks and roll-off containers. "Plant modernization, maintaining the highest environmental standards, noise abatement and our good-neighbor policy are hallmarks of all our operations. We have three additional acquisitions planned for 2011 and will continue to expand throughout the Tri-State Area on our way to our goal of one billion dollars in annual debt free sales," Weitsman concluded.
Upstate Shredding - Ben Weitsman is the largest privately owned scrap metal processor and recycling center on the east coast. With two locations in Owego, New York and facilities in Binghamton, Ithaca, Jamestown, Liberty and Syracuse, New York the Company currently processes more than 700,000 tons of ferrous and 100 million pounds of non ferrous metal per year. In its 2010 issue entitled "500." Inc. Magazine rated Upstate as the country's fastest growing privately held scrap metal processing company with a 186 percent growth rate from 2006 through 2009.
Company Info:
Upstate Shredding is the largest privately held scrap metal processor and recycling center on the East Coast. Along with sister company Ben Weitsman & Son Inc., there are four locations in New York: Owego, Binghamton, Syracuse, and Ithaca.
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