Renco Group

Renco Group LLC
Private
Industry Manufacturing
Founded 1986
Headquarters One Rockefeller Plaza,
New York, NY, USA
Key people
 Chair, CEO: Ira Leon Rennert
VP Finance: Roger L. Fay
Products steel, Hummer,
Owner Ira Rennert
Subsidiaries AM General LLC
Baron Drawn Steel Corporation
Doe Run Company
Doe Run Peru S.R.L.
RG Steel Corp. (defunct)
Unarco Material Handling, Inc.
US Magnesium LLC[1]
Inteva Products[2]
Website www.rencogroup.net

Renco Group is a New York City-based holding company controlled by Ira Rennert that invests in other companies across a range of industries.[3]

History

On August 20, 2004, it was announced that Ronald Perelman's MacAndrews & Forbes Holdings company would form a joint venture with AM General's current owner, Renco Group, to give Perelman 70% ownership of AM General. The deal reportedly cost close to US$1 billion.[4] In 2007, Renco Group lost ownership of its bankrupt subsidiary, WCI Steel to its lenders.[5] Through subsidiary, Inteva Products, LLC, Renco Group purchased Delphi's Global Interiors and Closures businesses in March 2008.[2]

Pollution

The Renco Group also owns various mills and mines in the United States and South America, and pollution problems at some of the company's properties have sparked public outcries, environmental lawsuits, and hundreds of millions of dollars in environmental penalties and fines.[6]

One Renco subsidiary, magnesium producer US Magnesium, is accused of polluting the Great Salt Lake in Utah.[7][8]

Smelting operations by another Renco subsidiary, Doe Run Company, are responsible for elevated levels of lead, arsenic, and cadmium in Herculaneum, Missouri,[9] and elevated levels of lead, copper, zinc, and sulfur dioxide in La Oroya, Peru.[10] In 2007, La Oroya was listed by Blacksmith Institute as one of the "World's Worst Polluted Places".[11]

References

  1. ↑ "Renco Companies AM General". Renco Group. 2008-05-27. Retrieved 2008-05-27.
  2. 1 2 "The Renco Group Completes Acquisition of Delphi's Global Interiors and Closures Businesses" (aspx). aftermarketnews.com (Akron, OH: Babcox). 2008-03-11. Retrieved 2008-05-27.
  3. ↑ The Renco Group, Inc.
  4. ↑ SORKIN, ANDREW ROSS; DANNY HAKIM (August 10, 2004). "Perelman Seeks Controlling Stake in Maker of Hummer". New York Times (The New York Times Company). Retrieved 2008-05-27.
  5. ↑ "Renco to buy Delphi Corp. business" (php). Vindy.com. 2007-10-17. Retrieved 2008-05-27.
  6. ↑ Poisoned city fights to save its children
  7. ↑ "EPA: U.S.Magnesium wastes endanger workers, families, birds"
  8. ↑ EPA proposal to list the US Magnesium site on the National Priorities List, with support from the Utah Department of Environmental Quality
  9. ↑ New York Times - Missouri: High Levels Of Lead In Children
  10. ↑ Poisoned city fights to save its children
  11. ↑ The Blacksmith Institute - World's Worst Polluted Places - La Oroya, Peru
This article is issued from Wikipedia - version of the Wednesday, January 27, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.