Alter Trading Corporation Acquires Tenenbaum Recycling Group
Alter Trading Corporation announced that it has entered into a definitive agreement to purchase substantially all the assets of Tenenbaum Recycling Group (TRG), based in Little Rock, Ark. The acquisition brings together two scrap metal recycling companies that are each over 120 years old and have very similar cultures and histories of success. The addition of TRG's 10 locations, primarily in Arkansas, further expands Alter's geographic reach and increases its number of facilities to more than 70. Alter intends to continue to operate all of TRG's existing locations and to maintain their focus on safety, customer service, and quality.
“This acquisition is the next important milestone in our growth strategy, and we are pleased to add another premier, family-owned, scrap metal recycler to Alter. We are committed to the seamless integration of these two exceptional companies, and we look forward to joining the business communities in Arkansas and southern Missouri” said Robert Goldstein, Chairman of Alter Trading.
“We knew that someday we would take advantage of the right opportunity to exit the industry to pursue our individual passions and could not be more proud of the Tenenbaum Team for their accomplishments to this point. The Tenenbaum and Goldstein families have been friends and business associates for decades, and now that relationship will help preserve everything the families have championed. We are very excited to place our business and history in the Arkansas and Missouri communities in the hands of our friends at Alter Trading, and are comfortable knowing that Alter, like TRG, will support the communities that have enabled our family business to flourish.” said Harold Tenenbaum, Chairman of the Board of TRG.
“The Tenenbaum family will be a tough act to follow. The Company and its current leadership team, led by CEO Jack Grundfest, are held in high regard in the industry and have built a remarkable company. It is a privilege to have an opportunity to work closely with this team. I look forward to welcoming them to Alter, and together extending the pattern of success” said Jay Robinovitz, Alter's President and CEO.