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Germany
[Germany]
Posted on : Sep 08, 2008
German company Scholz Recycling AG, the recycling division of Scholz AG, has agreed to acquire all shares of fellow German recycler and scrap metal trader Fegert group, for an undisclosed sum.

Fegert, who resides in Schönebeck and Magdeburg consists of the divisions Fegert Recycling GmbH, Fegert Recycling GmbH Foundry and ESM Scrap and Metal trading. Last year the company processed 160 000 tonnes of Ferrous and Non-Ferrous scrap, resulting in a turn-over of Euro 60 million, employing 60 people.

The Founder and current Managing Director Karl-Friedrich Fegert will step back from its positions within the company, which will be led by Eckhard Jäkel, a longtime managing partner of Mr Fegert. The latter selected Scholz to acquire Fegert’s assets, because of the longstanding personal relationships and great trust with the Scholz family.

The Executive Board of Scholz AG sees the acquisition of Fegert group as a major strategic to expand and consolidate its own market position in Germany. The Scholz Group is one of the world leading metal recyclers and traders, with a turnover of around Euro 3.5 billion in 2007 and more than 4,000 employees in over 500 locations
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