RACER Trust, Rivore Metals, LLC, Complete Sale of Industrial Property in Pontiac, Mich.
PONTIAC, Mich. — RACER Trust and Rivore Metals, LLC, today announced they have completed the sale and transfer of a vacant, 41.9-acre industrial property off of North Glenwood Avenue in Pontiac, where Rivore is now operating a metals recycling business with 15 employees. Rivore plans to construct a 40,000-square-foot sorting facility at the site.
The company previously purchased property at 500 South Boulevard in Pontiac and is currently operating an indoor non-ferrous recycling operation with 30 employees. Rivore also operates two recycling facilities in Detroit to accommodate industrial plant operations.
Rivore, based in Troy, Mich., is a metals trading, processing and industrial scrap management company with offices in the United States, and Canada. Rivore prides itself on its ability to offer full-service trading operations to both domestic and international specialized markets for ferrous and non-ferrous materials.
RACER Trust has sold several former General Motors properties in Pontiac, for projects that include a destination for car enthusiasts, expansion of a sports complex, a multi-tenant industrial center and new headquarters for a local construction management firm.
About RACER Trust: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.
About Rivore Metals, LLC: As a diverse supplier of all material requirements to numerous mills, foundries and overseas buyers, Rivore Metals has built a reputation for agility, creativity and integrity through strong supplier and consumer relationships. With its commitment to customer service, experience and financial stability, coupled with direct transportation relationships, Rivore is able to maintain and manage an extensive strategized logistics approach dedicated to scrap delivery throughout North America. For more information, please visit www.rivore.com.