Phoenix, Arizona – December 15, 2016 – Liberty Iron & Metal Holdings LLC (“Liberty”) today announces the completion of the acquisition of its parent company Scholz Group by its strategic lender Chiho Renewable Development Ltd. (“CRDL”). CRDL is a wholly-owned subsidiary of Chiho-Tiande Group Limited (“CTG”), the largest metal recycler in China in terms of the total import volume for mixed metal scrap and scrap motors for importing, recycling, reusing and processing. The terms of the agreement were previously announced in August 2016.
“We are extremely pleased to be part of the strengthened Scholz Group, now part of Chiho-Tiande Group,” said Liberty CEO Mike Greulich. “As we move forward with our expansion plans, access to new capital markets and more opportunities especially in the Asian markets, will position Liberty to strengthen its offerings to its U.S. customers on a broader scale.”
The existing U.S.-based management team lead by Mike Greulich, Alexander Esser and Mike Diamond will continue to manage operations at the company’s 8 facilities.
About Chiho-Tiande Group
Chiho-Tiande Group was founded in 1995 and is headquartered in Hong Kong. Since 2010, CTG is listed on the Hong Kong Stock Exchange (ticker: 976 HK). Over the years, CTG has continuously expanded its business and is the largest metal recycler in China in terms of the total import volume for mixed metal scrap and scrap motors for importing, recycling, reusing and processing. The group follows a long-term business orientation and aims at widening its global footprint to strengthen the Company’s leading market position.
About Scholz Group
Scholz Group is a leading European scrap recycler with an impressive regional presence in Germany, Poland, Austria, the Balkans, the Czech Republic, the United States of America and Mexico. Furthermore, it is worldwide one of the largest recycling companies for ferrous and non-ferrous metal.