Chicago, Illinois – October 25, 2011 – Milestone Equipment Corporation (MEC) and Scrap Metal Services LLC (SMS) today announced the acquisition of 7,300 intermodal dry van trailers.
These heavy duty dry van trailers are operated under leases throughout North America in rail intermodal service. Financial terms of the transaction were not disclosed. MEC and SMS have created a new JV Entity call Scrapstone Intermodal Services, LLC for this transaction as well future intermodal opportunities.
Robert Thull, Milestone’s President and founder stated: “Milestone is now the largest domestic intermodal container and intermodal trailer equipment lessor. We are committed to continued rapid growth and investment in intermodal equipment to provide flexible operating leases to our customers.”
Jeffry K. Gertler, Chief Executive Officer of Scrap Metal Services, stated, “This acquisition allows Scrap Metal Services to expand its role in the intermodal marketplace, a market segment that we believe will experience considerable growth over the next several years.”
About Milestone Equipment Corporation
Milestone Equipment Corporation is a full service transportation equipment leasing and asset management company that began operations in 1995. Milestone operates a fleet of 23,000 intermodal assets including; domestic containers, chassis and intermodal trailers.
Management services include; lease origination and administration, operating and maintaining equipment in daily rental service, remarketing and managing equipment portfolio lease terminations for third parties.
Milestone also operates a dry van highway trailer full service rental and leasing business with over 13,000 highway trailers under the name Personal Attention Leasing, Inc.
About Scrap Metal Services LLC
Scrap Metal Services, LLC specializes in scrap processing, scrap management, brokerage and trading, and steel mill services to both EAF and Integrated Steel Mills. SMS is a leading provider of outsourced services and scrap processing to industrial manufactures, steel mills, mini mills, foundries, transportation and logistics companies, and scrap companies.
Scrap Metal Services operates scrap processing facilities, which include commercial facilities in Illinois, Indiana, and Alabama as well as Mill Services facilities in Pennsylvania, and Indiana.