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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 7, 1996.
METAL MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-14836 94-2835068
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
101 West Grand Avenue, Suite 200/305, Chicago, Illinois 60610
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 645-0700
1250 Ninth Street, Berkeley, California 94710
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On August 6, 1996, Metal Management, Inc. (the "Company") entered into
a Letter of Intent to acquire the MacLeod Group of Companies (the "MacLeod
Group") which contemplates the execution of a definitive agreement between the
parties conditioned upon, among other things, completion of a "due diligence"
review of the MacLeod Group's books and records, as well as an environmental
assessment of its properties.
The MacLeod Group, based in South Gate, California is a group of
recycling companies that process ferrous and non-ferrous metals with
consolidated gross revenues of approximately $35 million.
On August 7, 1996, the Registrant issued a press release with respect
to the acquisition of the MacLeod Group, a copy of which is attached hereto as
Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99.1 Press Release dated August 7, 1996.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
METAL MANAGEMENT, INC.
/S/ GERARD M. JACOBS
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Gerard M. Jacobs, President and Chief Executive Officer
Date: August 8, 1995
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METAL MANAGEMENT, INC.
CURRENT REPORT ON FORM 8-K
INDEX TO EXHIBITS
Exhibit No. Description
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99.1 Press Release dated August 7, 1996.
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EXHIBIT 99.1
PRESS RELEASE
METAL MANAGEMENT, INC. ANNOUNCES ACQUISITION
Chicago, IL - August 7, 1996 -- Metal Management, Inc. (the "Company")
(NASDAQ symbol- MTLM) has entered into a Letter of Intent to acquire the MacLeod
Group of Companies (the "MacLeod Group") for a combination of cash, stock and
warrants.
The Letter of Intent contemplates the execution of a definitive
agreement between the parties, such agreement to be conditioned upon, among
other things, completion of the Company's "due diligence" review of the MacLeod
Group's books and records, as well as an environmental assessment of its
properties.
The MacLeod Group, based in South Gate, California, is a group of
recycling companies that process ferrous and non-ferrous metals in the greater
Los Angeles area and consists of California Metals, Inc., Firma, Inc., MacLeod
Metals, Inc., Firma Plastics, Inc. and Trojan Trading, Inc. The MacLeod Group's
consolidated gross revenues were approximately $35 million.
As part of the acquisition, Mr. MacLeod will join the Board of
Directors of Metal Management.
"The MacLeod Group is an excellent fit with our prior acquisition of
EMCO Recycling Corp. in Arizona," said T. Benjamin Jennings, the Company's
Chairman of the Board and Chief Development Officer. "This Los Angeles
acquisition is consistent with our business strategy of consolidating the scrap
metal recycling industry, and further enhances our existing processing
capabilities in conjunction with our Arizona operations."
Gerard M. Jacobs, the Company's President and Chief Executive Officer,
said, "We are proud that a scrap metal industry professional of the stature of
Ian MacLeod will be bringing the MacLeod Group into the Metal Management family
of companies. We look forward to working with him to build our Company into the
industry leader."
CONTACT: Metal Management, Inc., Illinois
Xavier Hermosillo, 310/832-2999
Corporate Communications and Investor Relations
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