Metals Recycling News
Ferrous Processing & Trading Grows Ohio Operations With Acquisition and Investment
January 25, 2007, Detroit, Michigan – The new year has been marked by significant new capital investments at Ferrous Processing & Trading’s (FPT) Cleveland operations. The roster of growth initiatives is topped by the acquisition of the M. Weingold Company, the leading processor and marketer of industrial scrap metal in the Cleveland area.
The addition of the Weingold trade accounts and operations “strengthens FPT’s ability to serve its customers throughout the region, and opens the door to new opportunities for us in Cleveland and surrounding markets” noted FPT President and CEO Howard Sherman.
“With its main plant located adjacent to the FPT Cleveland facility, the Weingold business can be integrated into our operations very efficiently,” said Drew Luntz, President of FPT Cleveland. “We will use the additional space to set up our operations to make the most efficient use of the combined assets. The additional scrap volume this acquisition represents also serves to strengthen our supply relationships with important regional steelmakers like Mittal Steel, Timken and Republic.”
January also heralded the beginning of a new scrap supply contract with the General Motors Stamping Plant in Parma, Ohio. The contract directs all of the production scrap from this large stamping plant to the newly-combined FPT Cleveland operations and customers. More than 10,000 tons of high-quality scrap will be purchased each month through this long-term agreement.
Further embracing its growth strategy in the Great Lakes region, FPT also recently acquired additional adjacent property and structures and installed new high-capacity scrap processing equipment. The specialized equipment was designed, built and installed by FPT’s Engineering Division.
Ferrous Processing and Trading Company, an affiliate of Soave Enterprises, L.L.C., operates 12 scrap metal processing facilities in the United States and Canada. Ferrous Processing and Trading Company processes more than 2.5 million tons of scrap annually. A leader in scrap recycling for more than 100 years, Ferrous Processing and Trading Company has a proven track record of value-added process design, product quality, and environmental consciousness. Ferrous Processing and Trading Company has been awarded ISO 9001 designation.
