READING, Pa., March 24, 2011 (GLOBE NEWSWIRE) -- USA Recycling Industries, Inc., (Pink Sheets:USRI) (Frankfurt:DXD), a scrap metal recycler servicing the automotive service center chain store industry with commercial customers throughout North America, today announced it has finalized a transaction acquiring a 51% controlling interest in the scrap metal auto parts export business of Earth Metal Scrap USA, Inc, a New York Metropolitan Area based export firm with trading facilities in India and Dubai. The conditions of the finalized definitive agreement include "a 51% ownership interest in all assets used in the operation including all export licenses authorizing the Company to ship from every major U.S. Port & all tractor trailers utilized for shipping & storage purposes to be designated as directed in USRI's nine (9) operating regions throughout the Continental United States." In addition, today's acquisition agreement further provides USRI is to receive "51% of all its right, title, interest in and to the business & assets of the EMSU operating division valued at $10,000,000 pursuant to the Agreement." USA Recycling Industries CEO Vincent J. Smith stated, "the acquisition of Earth Metal Scrap USA's auto parts export division adds significant value from a strategic standpoint by providing direct access to end-users, pricing advantages when negotiating within the international scrap metal trading markets and ultimately adding a substantial contribution to the Company's overall revenue results." Earth Metal Scrap USA CEO Kamal H. Patel added, "The finalized agreement ensures our international consumers will have direct access to an on-going stream of foundry-grade materials with one of North America's largest high-quality scrap metal auto parts suppliers."
USA Recycling Industries, Inc. Finalizes Acquisition Of 51% Of Scrap Metal Auto Parts Export Business
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