Reliable West Tech Acquires Silver Business of SPM Corporation
Reliable West Tech, Inc. (Naugatuck, CT), a wholly owned subsidiary of Westbury Metals Group, Inc. and SPM Corp. (Montvale, VA) have entered into an agreement whereby Westbury Metals Group will purchase SPM's silver product business. According to both companies, the intent of this agreement is to benefit those involved in the industrial manufacturing, and metal finishing and plating industries. Allen O.Woody, president of SPM, will become the company's senior vice president, working out of the Naugatuck facility. The deal is expected to close at the end of this month.
Westbury Metals Group is an organization consisting of several companies engaged in all facets of the precious metals business involving silver, platinum metals and gold. In 1998, the company acquired West Tech, Inc., which provides a limited number of semi-fabricated parts to the North American finishing industry. Then, in 1996, the company acquired Westbury Alloys, Inc., a unit that refines materials that come from such odd sources as jewelry, scrap, coins and dental alloys. The processing arm of Westbury Metals Group's business chops and mills materials for uniform particle size amongst other forms, and burns and melts the materials to remove organic materials and create, finally, homogenous products.
SPM Corporation was founded in 1984 as a silver reclamation and refining shop. However, throughout the years it expanded to offer such products as cadmium anodes, copper anodes, gold and gold salts, tin and tin lead anodes, zinc ball anodes, and a slew of nickel products and chemicals. However, the company is well known for its selection of high-purity silver slab anodes; silver cones, balls and snowflakes; gumdrops and rods as well as for custom silver shapes. In addition, silver cyanide and potassium silver cyanide are offered as are silver nitrates, oxides and powders. According to SPM literature obtained at AESF 2000, the company sells approximately three million ounces of silver annually. For more on SPM's silver offerings click here.
Michael Huber, COO of Westbury Metals Group, noted that the combination of the two companies' expertise, and their product and service offerings will make the new company a formidable force in the metal finishing and plating industries. By working as one company, they will be able to penetrate additional markets that fit in well with their existing customer base.