Renco Group
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| Renco Group | |
|---|---|
| Type | Private |
| Founded | 1986 |
| Headquarters | New York, NY, USA |
| Key people | Chair,CEO: Ira Leon Rennert VP Finance: Roger L. Fay |
| Industry | Manufacturing |
| Products | steel, Hummer, |
| Owner | Ira Rennert |
| Subsidiaries | AM General LLC Baron Drawn Steel Corporation The Doe Run Company Doe Run Peru S.R.L. Unarco Material Handling, Inc. US Magnesium LLC[1] Inteva Products[2] |
| Website | 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]
[edit] 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 subsidary, WCI Steel to its lenders.[5] Through subsidary, Inteva Products, LLC, Renco Group purchased Delphi's Global Interiors and Closures businesses in March 2008.[2]
[edit] Pollution
The Renco Group also owns mills and mines in the United States and South America, and pollution problems at the company's properties have sparked public outcries, environmental lawsuits, and hundreds of millions of dollars in environmental penalties and fines. One Renco subsidiary, U.S. Magnesium, is accused of polluting the Great Salt Lake.
Smelting operations by another Renco subsidiary, Doe Run Company, have caused are responsible for elevated levels of lead, arsenic, and cadmium in Herculaneum, Missouri[6] and elevated levels of lead, copper, zinc, and sulfur dioxide in La Oroya, Peru [7] and Doe Run, Missouri.
In 2007, La Oroya was listed by Blacksmith Institute as one of the "World's Worst Polluted Places."[8]
[edit] References
- ^ Renco Companies AM General. Renco Group (2008-05-27). Retrieved on 2008-05-27.
- ^ a b "The Renco Group Completes Acquisition of Delphi's Global Interiors and Closures Businesses" (aspx), aftermarketnews.com, Akron, OH: Babcox, 2008-3-11. Retrieved on 2008-05-27.
- ^ The Renco Group, Inc.
- ^ SORKIN, ANDREW ROSS; DANNY HAKIM. "Perelman Seeks Controlling Stake in Maker of Hummer", New York Times, The New York Times Company, August 10, 2004. Retrieved on 2008-05-27.
- ^ "Renco to buy Delphi Corp. business" (php), Vindy.com, 2007-10-17. Retrieved on 2008-05-27.
- ^ New York Times - Missouri: High Levels Of Lead In Children
- ^ Poisoned city fights to save its children
- ^ The Blacksmith Institute - World's Worst Polluted Places - La Oroya, Peru
