MetalX has agreed to acquire the assets and business of SRT Aluminum in Wabash, Indiana. SRT is a secondary aluminum melting operation that converts scrap aluminum into specification RSI in sow and ingot form, utilizing electric induction and reverb furnaces to produce 150 million pounds annually.
Located on a 40 acre site that also includes an aluminum shredder and turnings processing operation, the company employs 120 people, all of whom are expected to become MetalX employees post-closing. The transaction is expected to close at the end of July 2022, subject to customary approvals and due diligence.
“Incorporating aluminum melting capabilities has been a key element of our overall strategy for some time.” said Danny Rifkin, MetalX chief executive officer. “This acquisition gets us immediately into the business in a meaningful way and is a solid platform for growth. Additionally, it secures our own production needs, broadens our service offerings for existing customers and supports our focus on developing new and sustainable methods to create high quality scrap and secondary products.”
Published in the July 2022 Edition