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May 29, 2014
16:23 EDTCMCCommercial Metals signs agreement for purchase and sale of assets with Newell
Commercial Metals announced that on May 20, Commercial Metals Company, through its wholly-owned subsidiary, Structural Metals, entered into a definitive Agreement for the Purchase and Sale of Assets with Newell Recycling of San Antonio and John R. Newell for the purchase of substantially all of the assets of Newell Recycling located at 726 Probandt Street San Antonio, Texas. CMC anticipates that the projected closing date will be June 13, but completion of the acquisition is contingent upon satisfaction of customary closing conditions. Newell Limited will retain the Media Plant operation located at the site, as well as the shredder operations of Newell Recycling in Eagle Pass, Texas. Along with this purchase of the assets of Newell Recycling, CMC will acquire a complete 80" X 104" shredder with a 4000 hp Alston motor from The Shredder Company. CMC will evaluate the current shredder capacity in Central Texas and a determination will be made in the next 6-12 months on the continued operation of a shredder in the current location in San Antonio, Texas and the most beneficial location to place the 80" X 104" shredder. This acquisition of the assets of Newell Recycling continues the vertical integration of CMC by providing raw materials for its CMC Steel Texas location, establishes a larger recycling presence in San Antonio, Texas, and provides an opportunity for continued growth of our recycling operations in the Central Texas Area.
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