General Iron Industries, Inc., a metal recycling company located in Chicago for more than 100 years, and Reserve Management Group (RMG), a diversified provider of electronics refurbishment and recycling, scrap metal processing and brokerage services, have announced a strategic partnership that will unite the two businesses.
The partnership says it will make a substantial investment in building a new, state-of-the-art facility at RMG’s Chicago location, which covers more than 175 buffered acres along the east side of the Calumet River, at South Burley Ave. and 116th St. The transition, including construction of an enclosed, high-tech metal shredder, is expected to be completed in 2020.
The alliance will result in transitioning General Iron’s operations to RMG’s current location on the southeast side of Chicago, creating construction jobs and new workforce opportunities, the companies say.
During the transition, operations and management will continue at General Iron’s current location in the industrial district between the North Branch of the Chicago River and the Clybourn Corridor.
“General Iron looks forward to the next steps in the transition of the business to a new state-of-the-art facility in a new Chicago location, while ensuring continuity of this critical service of recycling for the city,” General Iron president Marilyn Labkon said in a statement.
“As part of RMG’s continuing commitment to our employees, customers and the environment, we are excited to join forces with General Iron and their team. This strategic partnership will create unique capabilities, positioning RMG and General Iron to expand the value and expertise that both companies provide to our customers and surrounding communities,” said Steve Joseph, CEO of RMG.
General Iron and RMG are working cooperatively with the City of Chicago to begin the transition process. Upon relocating, General Iron will terminate operations at its current location, which comprises approximately 21.5 acres of prime real estate. General Iron’s real estate is not part of the strategic partnership with RMG. General Iron has retained JLL, a real estate investment management firm, to advise it regarding potential sale at market price of the three parcels that comprise General Iron’s property.
