(November 17, 2010)
Timken, the Canton specialty steel and bearings maker, is getting into the scrap metal business, buying City Scrap & Salvage Co. in Akron, according to an industry trade journal.
City Scrap & Salvage, founded in the 1940s, scraps steel, including cars and appliances, from individuals and companies and then sells it to customers, including Timken.
Timken then melts the scrap in its furnaces to make its highly pure specialty steel.
The London-based trade journal Metal Bulletin reported Monday that ''industry sources'' said Timken had been planning to buy the scrap yard from members of the Katz family for about a year.
Randy Katz, co-owner of the 29-employee City Scrap & Salvage, said the article is ''premature.'' Timken, he said, is ''instructing us to have no comment.''
Timken spokeswoman Lorrie Paul Crum said the company ''is of interest to us.''
Crum said, ''There is not an agreement at this point.''
She noted that Timken is City Scrap & Salvage's largest customer of recycled steel. The steel is used in Timken's three steel plants in the Canton area.
Nathan Katz started City Scrap & Salvage on West Wilbeth Road in 1947. His five sons took over the business, and now the third generation — three cousins — are operating it. They are Randy Katz, Steve Katz and Alan Katz.
Randy Katz said City Scrap & Salvage's steel shredder is one of about 200 in the country.
A crane drops cars into the mouth of the shredder, and the cars are then crunched and ground.
Shredding makes up a large portion of the company's business, but City Scrap & Salvage collects all kinds of metals.
Other News:
India Pistons Investing Rs 175 cr to Expand Capacity and Enhance Capability
Timken Eyes Scrap Business
NFPA Welcomes Two New Members to Board of Directors
RBC Bearings Inc. (ROLL) President and CEO Michael J Hartnett sells 2,189 Shares
CII inks MoU with Wolverhampton City Council for Aerospace sector cooperation
Boca Bearing RC drivers Mike Gay and Andy Castellini Sweep 5 Electric Classes
Kaman Corp. Announces Pricing of $100 Million of Convertible Senior Notes
Sponsored Boca Rider George Leone Breaks National Speed Record with Streamliner Bicycle
