MetalX Expands with Acquisition
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Fort Wayne-based scrap metals recycler MetalX is expanding its operations in northeast Indiana. The company has acquired SRT Aluminum in Wabash, an aluminum recycler and melting operation.
MetalX says incorporating aluminum melting capabilities has been on its radar for some time, as part of its business plan to expand.
“This acquisition gets us immediately into the business in a meaningful way and is a solid platform for growth,” said Danny Rifkin, MetalX chief executive officer. “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.”
SRT currently employs 120 workers, and all are expected to join MetalX upon closing of the deal in July.
“We view aluminum melting as a valuable and complementary addition to our scrap business and see tremendous potential to grow the business, including new projects to increase capacity,” said MetalX Executive Vice President Neal Rifkin.
Together the expanded company will handle more than 350 million pounds of nonferrous scrap annually.