Advanced Chemical Company Acquires Certain Assets of Mutual Metals, Inc.
WARWICK, R.I., November 2, 2017 (Newswire.com) - Chief Executive Officer and President, Gerald Smith III announced the transaction which welcomes the well-respected industry expertise of Edward McGovern, Leo Blanchette and Jeffrey Smith into Advanced Chemical Company.
Mutual Metals customers, service offerings, refining processes, proprietary chemistries and technical support will continue to be overseen and managed by the existing Mutual Metals executive team as they assimilate into Advanced Chemical Company.
Gerald Smith III commented, “Our growth strategy continues to deliver results, as this asset-based transaction expands our customer base while broadening our product and service offerings. The transition will enhance the customer experience by leveraging the capabilities that Advanced Chemical Company and Mutual Metals can provide together.”
Mutual Metals President, Edward McGovern noted, “We look forward to robust precious metal product distribution, while providing closed loop refining processes at a world-class level, to our newly combined customer base. Advanced Chemical Company will provide a one-stop solution for most customers, which will simplify their supply chains.”
Chief Financial Officer, Michael W. Floskis added, “This transaction is being funded through internal working capital and will provide a solid growth platform for our diverse customer base. As the use of precious metals continues to expand in the world today, the need for sustainable recycling and refining is a natural outcome. Advanced Chemical Company is well- positioned and qualified to support this industry growth, and the Mutual Metals transaction is further proof of our commitment to do so.”
Founded in 1972, Advanced Chemical Company is a privately held precious metal refiner headquartered in Warwick, Rhode Island. Advanced Chemical’s industry-leading capabilities in thermal reduction and chemical refining are recognized worldwide. The state of the art environmentally compliant facility handles hazardous and non-hazardous precious metal bearing materials from a wide range of industries.
Advanced Chemical is ISO 9001; 2008, 14001;2004, 18001;2007, ITAR registered and CFSI certified. For more information, visit www.advchem.com.
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Source: Advanced Chemical Company