Upstate Shredding acquires the Matlow Company
Adam Weitsman, president of Upstate Shredding, LLC, announced
the Company’s upcoming acquisition of Matlow Company,
Inc. located in Solvay, New York, a suburb of Syracuse.
The all cash deal to acquire the assets, land and equipment
of the ferrous and non-ferrous scrap metal dealer was
scheduled for closing in December. Matlow, which has
been serving the Syracuse scrap metal market for over
90 years, will complement Upstate and its sister company
Ben Weitsman & Son scrap metal processing operations
in Owego, Binghamton and Ithaca. Steve Green, Upstate’s
executive VP and former purchasing manager for Nucor
Steel, will manage the Syracuse operation. Peter Matlow
will join the management team.
“The acquisition of Matlow is part of our strategic expansion
that is allowing us to offer some of the highest prices
paid for scrap metals in the Northeast. Syracuse will
become a modernized, environmentally responsible, customer-convenient
location. It will become a feeder station for our Owego
mega scrap metal processing plant that is in the process
of completing a $25 million dollar upgrade to make it
one of the most technically advanced and efficient in
the world,” said Weitsman. Upstate also plans to open
a seven-acre Scranton, Pennsylvania facility in spring
2010 and is actively looking at other Northeastern locations.
Upstate’s new Syracuse operation will now be open seven
days a week and operate under the Ben Weitsman & Son
name. The facility will undergo a comprehensive renovation
to meet the high environmental and operational efficiency
standards set at other Upstate facilities. This will
involve new buildings, complete yard pavement, the installation
of a new storm water treatment plant and landscaping
for noise mitigation and to improve community aesthetics.
Equipment upgrades will include three new Sennebogen
cranes, two new mobile shears and a new Harris HRB bailer.
By installing new high speed conveyors, new container
loading systems and coupled with Upstate’s fleet of 1200
roll-on-roll-off containers, and direct rail access,
the Syracuse location will have access to global scrap
metal markets for the first time.
Until the acquisition, Matlow sales were historically
100 percent domestic, but are expected to become 90 percent
export and 10 percent domestic to fall in line with Upstate’s
sales distribution. After staff reviews, the new operation
is likely to create additional jobs.