New Jersey headquartered Metalico Inc has acquired the assets of an auto shredder yard in Ohio from Liberty Iron & Metal, a subsidiary of Hong Kong based Chiho Environmental Group. The buyers are Chloe Girard LLC and Metalico Youngstown Inc. The purchase transaction, valued at USD 13.2 million, was completed on the Christmas Day. The deal covers shredder yard in Girard, near Youngstown in Northeast Ohio.
Chiho will use the proceeds from the sale towards repaying existing local bank loans secured over the sold assets. This in turn will help the company to cut its loan liabilities and meet other financial expenses. The sale is part of the company’s strategic plan to refocus on its Southwest US operations, after thorough review of its geographical footprint.
Metalico Girard is an Ohio Limited Liability Company incorporated in the US that is engaged in the business of buying and selling of ferrous and non-ferrous scrap metal. The ultimate beneficial owner of Metalico Girard is YeChiu Group. Metalico Youngstown is a Delaware corporation incorporated in the US that is engaged in the business of buying and selling of ferrous and non-ferrous scrap metal. The ultimate beneficial owner of Metalico Youngstown is YeChiu Group.