DaimlerChrysler to Receive Award from Environmental Research and Education Foundation
Washington, DC - At its spring 2002 meeting in Austin, Texas, the Environmental Research and Education Foundation's (EREF) Board of Directors chose DaimlerChrysler Corporation, Auburn Hills, Michigan, as its 2002 "Environmentalist of the Year" Award recipient. Twenty-four nominees vied for the award and DaimlerChrysler was selected in recognition of its extraordinary leadership contributions toward activities related to waste recycling, processing, reuse, and disposal.
DaimlerChrysler demonstrates its care for the environment by turning waste into car parts through the Chrysler Group's CARE (Concepts for Advanced Recycling and Environmental) Car II program. The goals of the CARE program are to increase the recyclability and recovery of automobiles 75 to 95 percent by weight and increase the use of recycled materials in production vehicles.
Greenman to Purchase Tire Collection Operations
Lynnfield, MA - GreenMan Technologies, Inc. has signed a letter of intent to acquire all tire collection operations of R Recycling Company, a Minnesota based company in the business of collecting and marketing scrap tires. R Recycling has been in business since 1989 and currently services the northern portions of Minnesota and Wisconsin. GreenMan will consolidate R's business into its existing GreenMan Technologies of Minnesota operations and anticipates closing the transaction in early July 2002. Terms of the transaction have not been disclosed.
Sumitomo Acquires North Star Steel's Tubular Division
New York, NY - Sumitomo Corporation of America (SCOA), along with Vallourec & Mannesmann Tubes (V&M) and Sumitomo Corporation, Japan (SC), announced that it has entered an agreement to acquire North Star Steel's Tubular Products Division from its parent company, Cargill, Incorporated.
The consortium will pay $380 million to complete the acquisition. V&M holds an 80 percent interest in the joint venture with SCOA holding a 14 percent interest and SC a 6 percent interest.
North Star Steel Company operates its Tubular Division through facilities in Youngstown, Ohio and Houston, Texas. The division is a producer of seamless pipe products used primarily in the oil and gas exploration and transmission industry.
Norsk Hydro Changes American Subsidy Name
Oslo, Norway - Norsk Hydro ASA Oslo, consolidated its North American secondary aluminum and extrusion operations under a new subsidiary name.
Hydro Aluminum North America will be headquartered in Baltimore, Maryland. Martin Carter, formerly senior vice president of corporate strategy for Norsk Hydro, will serve as president of the new subsidiary. This will allow Norsk Hydro to consolidate its growing North American presence under one name.
Norsk Hydro broke into the North American market with the acquisition of the Wells Aluminum Corporation in early 2000. Over the past two years the company has stepped up its secondary aluminum production with the construction of its first U.S. secondary aluminum smelter in Henderson, Kentucky. A second smelter is currently under construction in Commerce, Texas. Penta Engineering Incorporated (Charlotte, North Carolina) provided engineering services for both of the $37 million smelters. The Commerce smelter is expected to be operational by late November.
Terex Acquires Demag
Westport, CN - Terex Corporation announced that it has entered into an agreement to acquire Demag Mobile Cranes GmbH & Co. KG.
Demag, which manufactures and distributes telescopic and lattice boom cranes, is one of the leading mobile crane producers worldwide, with 2001 revenues of approximately $360 million. The transaction is subject to customary closing conditions, including regulatory approval, and is anticipated to close at the end of the second quarter or early in the third quarter of 2002.
Birmingham Reaches Agreement
Birmingham, AL - Birmingham Steel Corporation announced it had reached a definitive agreement with Nucor Corporation to sell substantially all the assets of Birmingham Steel and its subsidiaries for $615 million in cash. Pursuant to the terms of the definitive agreement, Birmingham Steel filed a Chapter 11 bankruptcy proceeding before the United States Bankruptcy Court for the District of Delaware for purposes of confirming and implementing the sale to Nucor.
The proceeds from the sale to Nucor will retire Birmingham Steel's secured debt to various lenders. The company and its secured lenders have negotiated a prearranged Chapter 11 plan agreement which provides for, among other things, that secured lenders pay a portion of the sales proceeds to unsecured creditors and to shareholders.
Metal Management Reports Fourth Quarter Results
Chicago, IL - Metal Management, Inc., a full service scrap metal recycler, announced net revenue of $166.6 million and net income of $2.3 million for its fourth fiscal quarter ended March 31, 2002.
On June 29, 2001, the company emerged from Chapter 11 bankruptcy and adopted "fresh start" accounting. Results after the effective date are those of a new reporting entity and are not comparable to the pre-confirmation periods of the old reporting entity.
The company reported revenue of $166.6 million and net income of $2.3 million for the quarter ended March 31, 2002 compared to revenue of $156.1 million and a net loss of $18.5 million for the quarter ended March 31, 2001. Net income for the quarter ended March 31, 2002 included non-recurring expenses and reorganization expenses of $0.8 million and $0.0 million, respectively, compared to $3.8 million and $5.0 million, respectively, for the quarter ended March 31, 2001. Earnings per share for the quarter ended March 31, 2002 was $0.23 per share.