Upstate Shredding ranked as fastest growing private scrap metal processor

The September 2010 issue of Inc. Magazine featured the “Inc. 500” with Upstate Shredding LLC listed as the fastest growing privately-held scrap metal processing company in the country with a remarkable 186 percent growth rate from 2006 through 2009.

To qualify for the awards list companies had to be United States based, privately held, for profit, independent and not subsidiaries or divisions of other companies. For eligibility in the awards, Upstate underwent a rigorous audit process.

Upstate was listed in the awards under the environmental services section. Company revenues grew from $70.2 million to $201.3 million over the three-year period. Upstate ranked as the largest scrap metal processing company, the second largest revenue producer in the category for 2009, only exceeded by an environmental services company.

Since 2006, Upstate has made substantial investments in plant and equipment, including a $25 million dollar upgrade to its Owego, New York mega-shredding and metals processing line to incorporate the latest high-technology separation equipment. It has also expanded operations throughout New York State, the Northeastern and Midwestern states and into Canada an aggressive program of alliances and acquisitions through all-cash transactions.

Over the past few years a number of top industry management executives have also joined the company. From two facilities in Owego and one each in Binghamton and Ithaca, since 2006 it has acquired scrap metal companies in Syracuse and Jamestown and this month signed a letter of intent to acquire a scrap metal company based in Liberty, New York. Additionally, the company is in the process of acquiring a new facility in Scranton, Pennsylvania.

An integral part of Upstate’s growth strategy is a good-neighbor policy in the communities it serves by creating good jobs, upgrading facilities, and instituting noise-abatement, environmental systems, landscaping, and contributing to area wide improvements. In January, as recognition of its pro-active community involvement Upstate was awarded Business of the Year by New York’s Tioga County Chamber of Commerce.