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Renco Group

From Wikipedia, the free encyclopedia
Not to be confused with RENCO USA.
The Renco Group, Inc.
Company typePrivate
Founded1975; 49 years ago (1975)
Headquarters
One Rockefeller Plaza,
New York, NY
,
USA
Key people
Chair, CEO: Ira Rennert
President: Ari Rennert
VP Finance: Roger L. Fay
ServicesSecurity
OwnerIra Rennert
Subsidiaries
Websiterencogroup.net

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

History

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In August 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] In June of 2021 Renco Group purchased Renfro Brands, Renfro Brands is a designer, manufacturer, and marketer of socks and legwear products.[6]

Pollution

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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.[7]

One Renco subsidiary, magnesium producer US Magnesium (USM), is accused of polluting the Great Salt Lake in Utah.[8][9]

Smelting operations by another Renco subsidiary, Doe Run Company, are responsible for elevated levels of lead, arsenic, and cadmium in Herculaneum, Missouri,[10] and elevated levels of lead, copper, zinc, and sulfur dioxide in La Oroya, Peru.[11] In 2007, La Oroya was listed by Blacksmith Institute as one of the "World's Worst Polluted Places".[12]

References

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  1. ^ "Renco Companies AM General". Renco Group. 2008-05-27. Archived from the original on 2008-03-12. Retrieved 2008-05-27.
  2. ^ a b "The Renco Group Completes Acquisition of Delphi's Global Interiors and Closures Businesses". aftermarketnews.com. Akron, OH: Babcox. 2008-03-11. Archived from the original (aspx) on 2013-01-16. Retrieved 2008-05-27.
  3. ^ "The Renco Group". www.rencogroup.net. Retrieved 2018-04-18.
  4. ^ SORKIN, ANDREW ROSS; DANNY HAKIM (August 10, 2004). "Perelman Seeks Controlling Stake in Maker of Hummer". New York Times. Retrieved 2008-05-27.
  5. ^ "Renco to buy Delphi Corp. business". Vindy.com. 2007-10-17. Archived from the original (php) on 2011-07-23. Retrieved 2008-05-27.
  6. ^ World’s Most Renowned Sock Manufacturing Company, Renfro Brands, Acquired by The Renco Group
  7. ^ "Poisoned city fights to save its children". The Guardian. 2007-08-12. Archived from the original on 2023-06-08.
  8. ^ Fahys, Judy (August 28, 2008). "EPA: U.S.MAGNESIUM WASTES ENDANGER WORKERS, FAMILIES, BIRDS". Healthy Environment Alliance of Utah. Archived from the original on August 17, 2011. Retrieved April 18, 2018.
  9. ^ "EPA proposal to list the US Magnesium site on the National Priorities List, with support from the Utah Department of Environmental Quality". Archived from the original on 2010-05-09. Retrieved 2010-04-30.
  10. ^ NYT, Elizabeth Stanton (2002-02-28). "National Briefing | Midwest: Missouri: High Levels Of Lead In Children". The New York Times. ISSN 0362-4331. Retrieved 2018-04-18.
  11. ^ O'Shaughnessy, Hugh (2007-08-12). "Poisoned city fights to save its children". the Guardian. Retrieved 2018-04-18.
  12. ^ The Blacksmith Institute - World's Worst Polluted Places - La Oroya, Peru
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