Girard Auto Shredder Yard Sells for $13.2 Million
GIRARD, Ohio – Metalico, a New Jersey-based auto recycling business that operates sites in Youngstown, Warren, and Sharon, Pa., has purchased the assets of an auto shredder yard here from Liberty Iron & Metal for $13.2 million, records show.
Liberty Iron & Metal is a subsidiary of Hong Kong-based Chiho Environmental, which is listed on the Hong Kong Stock Exchange. The company disclosed the transaction as part of a filing Dec. 27.
Chiho conducted an auction and “the buyers offered the best price,” according to a transaction summary included with the filing. The sale closed Dec. 25, the summary said.
Metalico operates an auto shredder in Youngstown along Martin Luther King Jr. Blvd. just south of the Girard location. It also owns a metals recycling operation on Burton Street in Warren and another on Dock Street in Sharon.
According to the stock exchange filing, “the buyers are part of the group of Ye Chiu Metal Recycling Ltd., one of the largest secondary aluminum producers globally, and operate shredder operations also in Ohio” and listed on the Shanghai Stock Exchange.
The yard, at 27 Furnace Lane, hugs a portion of the Mahoning River just off South State Street, a heavy industrial area that was once a part of the region’s steel producing corridor.
Liberty Iron & Metal Inc. sold the 28-acre property to Metalico subsidiary Chloe Girard LLC, a company that filed articles of organization with the Ohio Secretary of State’s office on Dec. 17, 2020. The sales transaction was recorded on Jan. 8, 2021 with the Trumbull County Auditor’s office.
According to auditor’s records, the property sold for $1.9 million and was appraised at $978,000 for property tax purposes.
A transaction history shows Columbia Iron& Metal purchased the yard in 1990 from an unknown seller. In 1997, the property transferred to Interstate Investments Ltd. and in 2004, IPL Corp.
Liberty Iron & Metal acquired the company in 2018. The company also owns recycling operations in Erie, Pa. and Phoenix, according to its website.
Copyright 2021 The Business Journal, Youngstown, Ohio.