Steel Products Prices North America
June 16, 2015
Metalico Sold to Chinese Firm Total Merchant Ltd.
Written by Sandy Williams
Metalico, Inc., a U.S. scrap metal processor, has been sold to Chinese investment firm Total Merchant Limited for approximately $105 million. In an announcement on Tuesday, Metalico said it will become a wholly owned subsidiary of Total Merchant and expects to close the transaction by August 31, 2015, subject to shareholder approval and customary closing conditions. No regulatory approval is required.
Total Merchant is controlled by Mr. Chung Sheng Huang, the Chairman of the Board and Managing Director of Ye Chiu Group, a leading recycler and producer of aluminum and aluminum alloys and a prominent Asian scrap metal recycler with operating facilities in China and Malaysia.
