PORTLAND, Ore.--(BUSINESS WIRE)--Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) today announced that it has entered into a definitive agreement to acquire substantially all of the assets of Ferrill’s Auto Parts, Inc. of Seattle, Washington, which does business as Pull A Part. This acquisition of three self-service facilities will become part of the Company’s Auto Parts Business and operate under the “Pick-n-Pull” brand.
“This transaction continues the expansion of our Auto Parts Business into a new market and establishes a platform for continued growth in the greater Seattle and Western Washington region,” said Tamara Lundgren, CEO of Schnitzer Steel Industries. “Our Auto Parts Business has been growing steadily and this acquisition is a great strategic fit for our Company.”
“Pick-n-Pull‘s entry into the Seattle region demonstrates our continued commitment to expand into attractive markets and to increase our capacity and retail operations in both new and existing markets,” said Tom Klauer, President of Schnitzer Steel’s Auto Parts Business. “We are excited to welcome the management team and employees and we look forward to continuing to serve all of the customers in the region.”
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.’s auto parts business sells used auto parts through its 46 self-service facilities located in 14 states and in Western Canada. The Company’s integrated operating platform includes the auto parts business as well as the metals recycling and steel manufacturing businesses. The Company is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 52 operating facilities located in 14 states, Puerto Rico and Western Canada. The business has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. With an effective annual production capacity of approximately 800,000 tons, the Company's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company commenced its 105th year of operations in fiscal 2011.