Horsehead Holding Corp. announced its plans to acquire The International Metals Reclamation Company (INMETCO), a recycler of metals-bearing wastes. Horsehead expects the move to enhance its hazardous waste services platform and diversify its range of capabilities and products, including the recycling of electric-arc furnace (EAF) dust and stainless steel flue dust for the recovery and reuse of a wide range of valuable metals. Based in Ellwood City, Pa., INMETCO employs 108 people and operates the only secondary smelter in North America dedicated to recycling nickel, chromium and other metals from hazardous and non-hazardous wastes generated mostly by stainless steel and specialty-metals producers.
Under the terms of the Stock Purchase Agreement, Horsehead is expected to pay a purchase price of $34 million in cash. The acquisition is expected to close on Dec. 31, 2009, subject to the satisfaction or waiver of customary closing conditions. Pittsburgh, Pa.-based Horsehead Holding Corp., which employs over 800 people and has seven locations throughout the U.S., produces specialty zinc and zinc-based products and is a leading recycler of EAF dust.