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Wise Recycling announces merger with Source Recycling

July 1, 2014 - Wise Metals Group announced the merger of Wise Recycling with Source Recycling. The merger will combine Wise's five yards in Colorado, North Carolina, Florida, and Virginia along with Wise’s extensive network of feeder locations in six states with Source Recycling's three yards in Maryland and North Carolina and one feeder in Maryland. The new company will be named Wise Recycling and all of the yards will operate under the Wise Recycling name and logo. Wise will own a majority of the equity in the new company which will consist of a new class of preferred interest and a portion of the common equity.

The merger will consolidate Source's and Wise's Carolina operations as well as add Maryland to the new Wise's portfolio of yards.

Wise will continue to operate independently its seven New Mexico yards as Wise Recycling–New Mexico and its Kentucky yard as Wise Recycling–Kentucky.

Wes Oberholzer, president and chief operating officer commented, "We believe the creation of the new Wise will position it as a more effective competitor in all the markets Wise serves and we are excited about the prospects of this business going forward."

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