Metal Management Completes Acquisition
HUNTINGTON BEACH — Metal Management Inc. of Chicago said it completed the acquisition of Superior Forge Inc., a Huntington Beach nonferrous metal processing company, for $5 million in cash 866,666 common shares worth about $12.5 million.
Metal Management said Superior Forge has estimated annualized gross revenue of more than $15 million.
Ian Albert, founder of Superior Forge, will join Metal Management’s office of the president, and will be president and chief executive of Superior Forge. Alan Shumway will be vice president of finance.
Metal Management, which had revenue of $65 million for the year ended March 31, 1997, is a scrap metal recycler.
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