Steel Mills
Indiana's Metal Source Completes Buy of Bedford Recycling
June 30, 2023
Wabash, Ind.-based Metal Source has completed its acquisition of Bedford Recycling, which has locations in Bedford and Mitchell, Ind.
“We’re excited to integrate the Bedford recycling facility and Mitchell recycling facility into our current Metal Source business model,” Colin Denihan, Metal Source president and chief commercial officer of parent company Gebhart Holdings, told SMU in an interview.
Denihan declined to discuss the price or terms of the deal, which closed on June 14.
Metal Source is a privately held metals recycling company, with more than 10 locations and just over 400 employees.
The Bedford acquisition sees Metal Source acquiring its first auto shredder, Denihan said, and the company will continue to look into smaller market ferrous yards for scrap consolidation in the Midwest, “staying close to home.” He added that the company is also looking into vertical integration of its aluminum melting process.
Last year, Metal Source purchased Decatur Salvage in Decatur, Ind., and Secondary Metals in Peru, Ind.
Denihan said the personnel at Bedford Recycling will be kept on. “There are about 40 employees there, and they’ve all been retained and have job offers.”
Looking forward, Denihan is optimistic. With new steel capacity coming online in Q3 and Q4, he expects increased demand. “I think the market is going to strengthen in our outlook,” he said.
By Ethan Bernard, ethan@steelmarketupdate.com
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