Corporate News

MAGNETECH AND TAURUS FORM JOINT VENTURE

Magnatech Engineering Inc., St. Charles, Mo., has formed a joint venture with Taurus, a comany based on the outskirts of Milan, Italy. Taurus equipment will be manufactured in the Magnatech plant near Kansas City, and Magnatech products will be produced in Europe by Taurus.

The Taurus line includes scrap shears, balers/loggers and car flatteners. The Magnatech line includes hammermills, ring crushers and other units that will be marketed in Europe under the Taurus name.

TEREX CORP. ACQUIRES PPM CRANESTerex Corporation, Conway, S.C., has completed the acquisition of the worldwide mobile crane business of PPM Cranes from Groupe Legris Industries of France. Terex has formed a new, wholly-owned subsidiary, Terex Cranes, which, in addition to PPM Cranes, has also acquired Bendini Cranes in Italy, PPM Cranes in North America and Terex’s Koehring Cranes business in North America.

Fil Filipov, formerly president and CEO of Koehring Cranes, has been named as president and CEO of Terex Cranes. The company says it is now the second largest crane manufacturer in North America with annual revenues of nearly $300 million.

EPS IS NEW SCRAP TIRE SHREDDER

Environmental Processing Systems Inc., Great Neck, N.Y., is a new company formed to market its patent-pending, proprietary processing system, the EPS 100. The new system reduces scrap tires to a fine 100 mesh crumb rubber, and can produce five tons of the crumb rubber per hour. EPS will also market its line of metal- and fiber-free rubber products under the RubberTech brand name.

TELSMITH GETS ISO REGISTRATION

Telsmith Inc., Mequon, Wis., claims it is the first U.S. aggregate, mineral and recycle processing equipment manufacturer of its type to be registered as meeting the requirements of ISO 9001. The registration was completed by SGS Yarsley ICS Ltd., an international services company located in England. ISO 9001 is a standard of assessing a company’s quality management system.

WASTE MANAGEMENT GOES AFTER SHARES

Waste Management Inc., Oak Brook, Ill., and Resource Recycling Technologies Inc., Vestal, N.Y., jointly announced that a wholly-owned subsidiary of Waste Management has concluded a tender offer for shares of RRT common stock. That subsidiary (which was not identified) has accepted payment for about 2.6 million shares, or 96 percent of RRT’s outstanding shares of common stock at $11.50 per share. Waste Management will buy the remaining four percent of shares at the same price, and then its subsidiary will be merged into RRT.

RRT owns and operates several material recycling facilities primarily in the Northeast and one in Florida. The company reported revenues of $41.8 million for 1994.

TORO FORMS NEW RECYCLING DIVISION

The Toro Company, Bloomington, Minn., has formed a new division to manufacture and market equipment for the recycling equipment industry. Toro’s Recycling Equipment Division was formed from the partial acquisition of Olathe Manufacturing, a Kansas-based recycling equipment manufacturer. The division combines Olathe’s green waste processing technology, known as tub grinders, with Toro’s customer support expertise.

INTERNATIONAL PAPER DOUBLES CAPACITIES

International Paper, Memphis, Tenn., is doubling the transportation and distribution capabilities at its Riverdale mill in Selma, Ala. The increase is part of a $300 million expansion at the mill that includes a large uncoated free-sheet paper machine, a deinking facility, two Will sheeters and a new power plant.

In addition, the number of outbound trucks will increase from approximately 50 to 100 per day, and the number of outbound rail cars will be about 65 per month. Six new rail sidings (for a total of nine) and nine new truck docks (for a total of 21) are being added to serve the mill’s expanded transportation needs.

When completed, Riverdale will be the largest uncoated paper facility in the International Paper system with 1,700 tons of paper each day or 600,000 tons per year distributed throughout North America from that one mill.

BIRMINGHAM STEEL OUTLINES EXPANSION

Birmingham Steel Corp., Birmingham, Ala., has embarked on a five-year, $650 million program to increase production and shipments, expand the company’s product range and reduce costs. The expansion will double Birmingham Steel’s annual melting and rolling capacity to 4 million tons apiece.