USA Recycling Industries, Inc. (USRI) Inks LOI to Expand Used Oil Filter Recycling Operations
USA Recycling Industries, a Pennsylvania-based scrap metals recycler providing specialty recycling services throughout North America, this morning announced it has signed a letter of intent (LOI) to purchase 51% of the stock of Lucas Lane, Inc., a Pennsylvania-based recycler of used oil filters. Each year the U.S. generates 425 million used automotive oil filters containing 160,000 tons of iron units and 18 million gallons of oil. Recycling all the filters sold annually in the United States would result in the recovery of about 160,000 tons of steel. Given the potential market opportunity, the LOI with Lucas Oil provides for a…