US-based scrap recycler and steelmaker Radius Recycling has announced that it has reached an agreement with Toyota Tsusho America, Inc. (TAI) to merge the two companies. Under the agreement, TAI will acquire all shares of Radius for about $1.34 billion. The transaction is expected to be completed in the second half of this year, subject to regulatory approvals.
Accordingly, the transaction will allow Radius to expand its customer portfolio to include automotive OEMs. Moreover, with TAI’s financial support, it will be able to invest in the development of its metals recycling platform, electric arc furnace and rolling mill. Also, the company will benefit from TAI’s recycling technologies.
Following the completion of the transaction, Radius will continue its operations from its headquarters in Portland, with its employees, facilities and brands retained.