ITHACA — Upstate Shredding, LLC, the largest, privately owned scrap dealer on the East Coast, and its sister business Ben Weitsman & Son, Inc. announced the acquisition of the assets of Reamer Recycling, Inc. in Ithaca.
The all-cash transaction will close in about a month, Upstate Shredding said in a news release. It didn’t disclose the price or other financial terms.
The company’s post-purchase plans include paving the facility, renovating its buildings, and installing new equipment, Adam Weitsman, president of Upstate Shredding and Ben Weitsman, said in the release.
“We will also be landscaping the property and installing brand new fencing as we make this location much more aesthetically appealing for the neighbors and the community,” Weitsman said.
Bill Reamer, Reamer Recycling’s former owner, will “stay on” to assist the incoming management team during the short transition period. Reamer owned the recycling company, located at 105 Cherry St., for about 12 years.
The site has been home to recycling operations for more than 75 years, according to Upstate Shredding. An earlier owner, Wallace Industries, sold the business to Reamer in 2002.
The new Upstate Shredding operation is the firm’s second location in Ithaca, joining the nearby steel-distribution center at 132 Cherry St.
In addition to the Ithaca facilities, Ben Weitsman also operates New York scrap yards in Syracuse, Binghamton, Owego, Rochester, Albany, Allegany, and Jamestown, along with Pennsylvania locations in New Castle and Scranton.
The Albany location, a retail-scrap yard and export-shipping facility at the Port of Albany, opened last weekend.
The firm also has plans to build a new scrap-metal recycling facility in Liberty in Sullivan County.
Upstate Shredding also plans to install a shredder at the scrap yard in New Castle, Pa. The company maintains its primary shredder at the location in Owego.
The company expects to process 1 million tons of ferrous scrap and 200 million pounds of nonferrous scrap by 2014.
The Upstate Shredding and Ben Weitsman plan for expansion includes additional yards in both New York and Pennsylvania.
Discussions on future possible acquisitions are under way, the business said.
Upstate Shredding-Ben Weitsman generated more than $500 million in revenue in 2012.
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