Omnisource adds Admetco to fold

Recycling Today, August, 2004

OmniSource Corp., FortWayne, Ind., has remained in its expansion mode, most recently staying close to home by purchasing the former Admetco Inc., also of Fort Wayne.

The acquisition by OmniSource was completed in early July. Admetco Inc. specializes in copper recycling and wire chopping.

OmniSource estimates that the acquisition will add $100 million in sales and 125 million pounds of annual nonferrous scrap volume to its nonferrous operations.

"The Admetco acquisition represents a significant addition to our nonferrous segment," remarks Danny Rifkin, president of OmniSource. "While we are certainly excited about the sizeable volume growth, we are even more pleased that the principals and many key employees will be joining our organization, offering customers expanded services and a seamless transition. We expect to realize substantial synergies arising from the consolidation of processing capacity, which is critical to be a low-cost producer in the highly competitive nonferrous marketplace."

Larry Adelman, president of Admetco Inc., has also indicated satisfaction with the deal. "We are certainly excited about joining the OmniSource organization and we look forward to the opportunity to expand our services to customers and suppliers. We are proud of our achievements over 27 years in the scrap recycling business and we are now pleased to be joining forces with the nation's premier full-service scrap metal processor."