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Schnitzer Steel Industries (SCHN)
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SCHN » Topics » Business Combinations

This excerpt taken from the SCHN 10-Q filed Jun 30, 2009.

Business Combinations

During the nine months ended May 31, 2009, the Company completed the acquisition of four entities and an additional 25% equity interest in an entity over which the Company maintains operating control, for a total consideration of $96 million. These acquisitions are as follows:

 

  •  

In December 2008, the Company completed the acquisition of a metals recycler in Washington to provide an additional source of scrap metal to the Company’s Tacoma, Washington export facility.

 

  •  

In February 2009, the Company completed the acquisition of the leading metals recycler in Puerto Rico. This acquisition expanded the Company’s presence into a new region, increased the Company’s processing capability and provided new sources of scrap metal and access to international export facilities.

 

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SCHNITZER STEEL INDUSTRIES, INC.

 

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In February 2009, the Company acquired an additional 16.66% equity interest in an auto parts business located in California, and in April 2009 acquired the remaining 8.34% minority equity interest in this business, thus increasing the Company’s equity ownership in this business to 100%. The acquired equity was previously consolidated into the Company’s financial statements because the Company maintained operating control over the entity.

 

  •  

In February 2009, the Company completed the acquisition of a self-service used auto parts business with two locations in California. This acquisition provided additional sources of used auto parts.

 

  •  

In March 2009, the Company completed the acquisition of a metals recycler in Nevada, to provide an additional source of scrap metal for the Company’s Oakland, California export facility.

This excerpt taken from the SCHN 10-Q filed Apr 2, 2009.

Business Combinations

During the six month period ended February 28, 2009, the Company completed the acquisition of three entities and an additional 16.67% equity interest in an entity that the Company maintains operating control over, for a total consideration of $90 million. These acquisitions are as follows:

 

  •  

In December 2008, the Company completed the acquisition of a metals recycler near the Company’s Tacoma, Washington export facility.

 

  •  

In February 2009, the Company completed the acquisition of the leading metals recycler in Puerto Rico. This acquisition expanded the Company’s presence into a new region, increased the Company’s processing capability and provided new sources of scrap metal and access to international export facilities.

 

  •  

In February 2009, the Company acquired an additional 16.67% equity interest in an auto parts business located in California, thus increasing the equity ownership in this business to 91.67%. The acquired equity was previously consolidated into the Company’s financial statements because the Company maintained operating control over the entity.

 

  •  

In February 2009, the Company completed the acquisition of a self-service used auto parts business with two locations in California.

These acquisitions were accounted for under the purchase method of accounting in accordance with SFAS No. 141 “Business Combinations” and are included in the Company’s financial statements from the date of acquisition. The purchase price was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the date of acquisition. The excess of the aggregate purchase price over the fair value of the identifiable net assets acquired of $55 million was recorded as goodwill. The purchase price allocation has been prepared on a preliminary basis, and reasonable changes may occur as additional information, such as final valuation reports, becomes available.

 

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SCHNITZER STEEL INDUSTRIES, INC.

 

This excerpt taken from the SCHN 10-Q filed Apr 2, 2009.

Business Combinations

During the six month period ended February 28, 2009, the Company completed the acquisition of three entities and an additional 16.67% equity interest in an entity that the Company maintains operating control over, for a total consideration of $90 million. These acquisitions are as follows:

 

  •  

In December 2008, the Company completed the acquisition of a metals recycler near the Company’s Tacoma, Washington export facility.

 

  •  

In February 2009, the Company completed the acquisition of the leading metals recycler in Puerto Rico. This acquisition expanded the Company’s presence into a new region, increased the Company’s processing capability and provided new sources of scrap metal and access to international export facilities.

 

  •  

In February 2009, the Company acquired an additional 16.67% equity interest in an auto parts business located in California, thus increasing the equity ownership in this business to 91.67%. The acquired equity was previously consolidated into the Company’s financial statements because the Company maintained operating control over the entity.

 

  •  

In February 2009, the Company completed the acquisition of a self-service used auto parts business with two locations in California.

These acquisitions were accounted for under the purchase method of accounting in accordance with SFAS No. 141 “Business Combinations” and are included in the Company’s financial statements from the date of acquisition. The purchase price was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the date of acquisition. The excess of the aggregate purchase price over the fair value of the identifiable net assets acquired of $55 million was recorded as goodwill. The purchase price allocation has been prepared on a preliminary basis, and reasonable changes may occur as additional information, such as final valuation reports, becomes available.

 

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SCHNITZER STEEL INDUSTRIES, INC.

 

This excerpt taken from the SCHN 10-Q filed Jul 1, 2008.

Business Combinations

In the first nine months of fiscal 2008, the Company continued its growth strategy by completing the following acquisitions:

 

  •  

In September 2007, the Company completed the acquisition of a mobile metals recycling business that provides additional sources of scrap metal to the Everett, Massachusetts facility.

 

  •  

In November 2007, the Company completed the acquisition of two metals recycling businesses that expanded the Company’s presence in the southeastern United States.

 

  •  

In February 2008, the Company completed the acquisition of a metals recycling business that further expanded the Company’s presence in the southeastern United States.

 

  •  

In February 2008, the Company acquired the remaining 50% equity interest in an auto parts business located in Nevada in exchange for its 50% ownership in land and buildings. The acquired business was previously consolidated into the Company’s financial statements because the Company maintained operating control over the entity.

These acquisitions were not material, individually or in the aggregate, to the Company’s financial position or results of operations.

EXCERPTS ON THIS PAGE:

10-Q
Jun 30, 2009
10-Q
Apr 2, 2009
10-Q
Apr 2, 2009
10-Q
Jul 1, 2008

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