Milwaukee Scrap Metal Business Strikes Potential Sale Deal with Alter Trading Corp.

The agreed purchase price is approximately $6 million.

SEATTLE (Scrap Monster): The assets of troubled Milwaukee-based scrap metal business are likely to be purchased by St. Lious-based Alter Trading Corp, which owns 18 scrap metal processing facilities in Wisconsin area. As per media report, Alter Trading Corp. has emerged as the top bidder for the troubled assets of United Milwaukee Scrap LLC (UMS).

The agreed purchase price is approximately $6 million. The purchase deal will cover all of UMS’s scrap facilities including five locations in Wisconsin and one location in Minnesota. As per the deal, Alter has given the assurance to retain substantially all of the employees of UMS.

UMS Holdings LLC- the parent company of UMS along with its other subsidiaries, in a court filing, had earlier stated that the financial difficulties faced by them makes it unviable for them to pay their debts. The state court filing had sought protection from creditors in receivership.

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By an order, attorney Rebecca DeMarb was named as a receiver, but that is pending before Circuit Judge David Swanson. The approval by Judge will be required so that UMS’s assets could be put for auction. In case of an auction, Alter Trading will submit the most competitive offer surpassing other bidders, said Jay Robinovitz, CEO of the company.

Alter Trading Corp., with its state-of-the-art processing facilities, is one of the largest recyclers of ferrous and non-ferrous metals in the country.

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