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Canadian Recycler Seeks Acquisition of Steel Mill - Image Departments - Scrap Industry News

Canadian Recycler Seeks Acquisition of Steel Mill

7/2/2010

Triple M Metal LP, a Toronto-based scrap metal recycling firm, has made an offer to acquire the assets of Royal Laser Corp., Ontario, Canada, for $43.5 million.


Triple M Metal LP, a Toronto-based scrap metal recycling firm, has made an offer to acquire the assets of Royal Laser Corp., Ontario, Canada, for $43.5 million. Royal Laser is a manufacturer of flat rolled steel for the automobile market and also custom fabricates products for the industrial, environmental, automotive and construction industries in Canada, the United States and Mexico.

Publicly traded Royal Laser owns and operates six subsidiaries providing clients with supply and fabrication of standard and customized products.

In addition to a scrap metal recycling facility, Triple M owns a real estate development company, an aluminum remelt plant and a construction company that specializes in industrial and commercial projects.

Royal Laser and Triple M say they intend to finalize and sign a definitive support agreement and lock-up agreements with Jaguar Financial Corp. and William Iannaci, who collectively own 32 percent of the company’s outstanding common shares.

The offer would require Royal Laser to sell its non-core assets, including Royal Laser Manufacturing, WAM Industries, Smokey Manufacturing, Thunder Tool and Envyrozone, to a company controlled by William Iannaci, co-CEO of Royal Laser.