Louisville, Kentucky-based Industrial Services of America (NASDAQCM: IDSA) has signed a deal to buy the inventory of Venture Metals for more than $8.8 million.
The purchase, which includes stainless steel and high temperature alloys, was funded through an existing line of credit, according to a recent filing with the United States Securities and Exchange Commission. It is anticipated that both sides will soon enter a deal for the rest of fixed assets.
Industrial Services provides waste and recycling services, scrap processing and brokering and equipment rental and service, according to its website. Venture Metals, also based in Louisville, buys and sell scrap metal for recycling and remelting purposes in the stainless steel industry, according to its website.
The filing says Steve Jones, Jeff Valentine and Carlos Carona – along with 18 other current Venture Metals employees – should become employees of Industrial Services within a short time.
The deal also gives Industrial Services the right to use Venture's property for two years for $15,000 a month in rent and the two sides anticipate negotiations will take place for the sale of that property, which is owned by an investment company affiliated with Venture Metals.
Officials from Industrial Services could not be reached for comment. For more information about the company visit http://www.isa-inc.com/
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