By Josh Beckerman
Radius Recycling agreed to be sold to a U.S. unit of Toyota Tsusho for more than double it latest closing share price.
The deal is worth $30 a share. Radius closed down 2.3% to $13.66 on Thursday. Trading in the stock was halted at one point due to pending news.
Radius said it will continue to operate from its current headquarters in Portland, Ore., retaining its teams, operating facilities, strategy and brands.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
By Josh Beckerman
Radius Recycling agreed to be bought by a U.S. unit of Toyota Tsusho for more than double its Thursday closing price.
Shares were up 109%, to $28.52, after hours following news of the $30-a-share deal. Radius closed down 2.3%, to $13.66,
The implied total enterprise value of the deal, including net debt, is about $1.34 billion, the companies said.
Radius produces recycled metal items. Its activities include shredding, railcar dismantling, vehicle recycling and operating a steel mill. Radius will continue operating from its Portland, Ore., headquarters, retaining its teams, facilities, strategy and brands, the companies said.
Toyota Tsusho has various operations including metals, Circular Economy and Supply Chain divisions, mobility, green infrastructure and others. It said the Radius deal will help its continuing work toward a recycling-based society including the recycling of metal scrap and resource recovery of end-of-life vehicles.
TTC is committed to honoring the collective bargaining agreements and compensation and benefits programs for Radius employees, the companies said.
The transaction is expected to close in the second half of 2025, subject to approval by Radius's shareholders, regulatory approvals and other customary closing conditions.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 13, 2025 18:15 ET (22:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.