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Upstate Shredding Named Fastest Growing Privately Held Scrap Processing Co.

Fri September 10, 2010 - Northeast Edition
CEG



In the September 2010 issue of Inc. Magazine titled “500,” Upstate Shredding LLC was listed as the fastest growing privately held scrap metal processing company in the country with a remarkable 186 percent growth rate from 2006 through 2009.

Established in 1979, Inc. is edited exclusively for CEOs of small-to-midsize fast-growing companies and delivers what company builders need to know to succeed in the business economy. Today, the magazine has a worldwide circulation of more than three-quarter million. To qualify for the awards list companies had to be U.S. based, privately held, for profit, independent and not subsidiaries or divisions of other companies. For eligibility in the awards, Upstate underwent a rigorous audit process.

Upstate was listed in the awards under the environmental services section. Company revenues grew from $70.2 million to $201.3 million over the three-year period. Upstate ranked as the largest scrap metal processing company, the second largest revenue producer in the category for 2009, only exceeded by an environmental services company.

Adam Weitsman, president of Upstate Shredding — Ben Weitsman said: “Our team has worked very hard over the past few years to make us the largest privately held scrap metal processor and recycler on the east coast. We are delighted at the recognition of our company in one of the world’s leading business magazines.”

Since 2006, Upstate has made substantial investments in plant and equipment, including a $25 million dollar upgrade to its Owego, N.Y., mega-shredding and metals processing line to incorporate the latest high-technology separation equipment. It also has expanded operations throughout New York State, the Northeastern and Midwestern states and into Canada an aggressive program of alliances and acquisitions through all-cash transactions. Over the past few years a number of top industry management executives also have joined the company. From two facilities in Owego and one each in Binghamton and Ithaca, since 2006 it has acquired scrap metal companies in Syracuse and Jamestown and in August signed a letter of intent to acquire a scrap metal company based in Liberty, N.Y. Additionally, the company is in the process of acquiring a new facility in Scranton, Pa.

“Our goal is to reach $1 billion in debt free annual sales and we are on a growth trajectory towards that objective. We have a simple strategy…the finest technology and the highest environmental standards in the industry, the best customer service, the most convenient hours for our customers and paying the highest prices for scrap on the day of sale,” said Weitsman.

An integral part of Upstate’s growth strategy is a good-neighbor policy in the communities it serves by creating good jobs, upgrading facilities, and instituting noise-abatement, environmental systems, landscaping, and contributing to area wide improvements. In January, as recognition of its pro-active community involvement Upstate was awarded Business of the Year by New York’s Tioga County Chamber of Commerce.