- Scholz Group fully acquired remaining stake of Liberty from former Joint-Venture Partners
- Liberty Iron & Metal reshapes its business to Exploit Growth Opportunities in the US
- Management Remains in Place
Phoenix, Arizona – November 30, 2016 – Liberty Iron & Metal Holdings, LLC announces that its majority shareholder Scholz United States Inc. acquired the remaining interest from the minority shareholder, the Diamond family. Following a sequence of transactions since beginning of October 2016, Scholz Group became the sole shareholder of Liberty Iron & Metal and Liberty bought-out all minorities, gaining full control over all operations.
Liberty Iron & Metal, as part of the Scholz Group will now be one of the nation’s largest metal recycling companies and is positioned for continued fortified growth with the financial strength and capabilities of its parent company.
Scholz is a Germany-based global group of companies with roots dating back to 1872. Scholz is one of the largest recycling groups in the world, with scrap yards, processing facilities and trading desks on three continents in over 20 countries. With over 100 legal entities and more than 5,000 employees, Scholz processes and sells over 7 million metric tons of recycled materials per year.
In 2007, Scholz Group, Liberty and 4 affiliates created the joint-venture, Liberty Iron & Metal Holdings, LLC, which helped Liberty successfully expand into Ohio and Pennsylvania as well as enter into a venture in Kalischatarra, Chihuahua, Mexico.
The Diamond family elected to sell their interest in Liberty Iron & Metal Holdings LLC to Scholz United States, Inc. to further foster the growth of the company in a new financially strengthened setup. “This is an exciting time for the new Liberty Iron & Metal, its employees, customers and partners,” said Mike Diamond, Chief Operating Officer of Liberty Iron & Metal. “The strategic alliance with Scholz allows us to retain the best top level scrap professionals in the industry in order to continue working with all of our customers, suppliers and vendors and positions us to leverage our expertise with the resources afford from the international presence of Scholz.”
Mike Diamond will continue as Chief Operating Officer and key management will remain at each yard. All operations will continue as normal without disruption.
“The new Liberty Iron & Metal is one of the leading metal recycling and processing facilities in the East and Southwest with significant scale, diverse service capabilities and a strong customer base,” said Mike Greulich, Chief Executive Officer of Scholz United States, Inc. “We look forward to supporting Liberty Iron & Metal to continue to grow the business in a new set-up with greater access to the financial strength and resources available at Scholz.”
Liberty Iron & Metal is made up of 8 operations: Premier Metals in Rochester, NY; Diamond Hurwitz in Buffalo, N.Y.; Liberty Iron in Erie, Penn.; Mercer Corp in Sharon, Penn.; Interstate Shredding in Girard, Ohio; Liberty Iron & Metal Southwest in Phoenix, Ariz., We Buy Scrap, Ariz., and Kalischatarra in Chihuahua, Mexico.