QUICK SUMMARY
Radius Recycling, previously known as Schnitzer Steel Industries, has been acquired by Toyota Tsusho America Inc. in an all-cash deal valued at $1.34 billion. The acquisition is set to close in the second half of 2025, pending regulatory and shareholder approvals. Radius Recycling's CEO, Tamara Lundgren, expressed optimism about the deal, highlighting opportunities for growth and continued operations from its Portland headquarters.
Radius Recycling, a longstanding company in Portland formerly known as Schnitzer Steel Industries, has entered into an agreement to be acquired by Toyota Tsusho America Inc. in a deal valued at $1.34 billion. The acquisition, which is set to finalize in the second half of 2025, offers Radius shareholders a 115% premium, with shares priced at $30 each. This move comes as Radius has been grappling with financial difficulties, including a loss of $37 million in its fiscal 2025 first quarter due to weak U.S. manufacturing and declining scrap supply. CEO Tamara Lundgren expressed excitement about the acquisition, highlighting the potential for enhanced growth opportunities and service offerings. Radius intends to continue operations from its Portland headquarters while retaining its teams and brand identity. The company's recent struggles included a nearly 50% drop in share value during 2024 and job cuts as part of a cost-saving initiative. The acquisition marks a significant moment for Radius, which was one of Oregon's largest public companies. With this change, Oregon will have 37 public companies remaining.