Horsehead Holding Corp. (ZINC), the parent company of Horsehead Corp., announced its plans to acquire INMETCO. INMETCO is a U.S. recycler of hazardous and non-hazardous waste for the specialty steel industry.
Under the terms of the Stock Purchase Agreement, Horsehead is expected to pay a purchase price of $34.0 million in cash, subject to adjustment, and the assumption of certain financial assurance obligations associated with environmental regulatory requirements that are currently in the form of a $8.55 million letter of credit. The acquisition is expected to close on December 31.
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