Renco Group

Infobox Company
name = Renco Group

type = Private
genre =
foundation = 1986
founder =
location_city = New York, NY
location_country = USA
location =
locations =
area_served =
key_people = Chair,CEO: Ira Leon Rennert
VP Finance: Roger L. Fay

industry = Manufacturing
products = steel, Hummer,
services =
market c

revenue =
operating_income =
net_income =
assets =
equity =
owner = Ira Rennert
num_employees =
parent =
divisions =
subsid =AM General LLC
Baron Drawn Steel Corporation
The Doe Run Company
Doe Run Peru S.R.L.
Unarco Material Handling, Inc.
US Magnesium LLC [cite web |url=http://www.rencogroup.net/companies/amgeneral.html |title=Renco Companies AM General |accessdate=2008-05-27 |publisher=Renco Group |date=2008-05-27 ]
Inteva Productscite news | first = | last = | authorlink = | author = | coauthors = | title = The Renco Group Completes Acquisition of Delphi's Global Interiors and Closures Businesses | url = http://www.aftermarketnews.com/default.aspx?type=art&id=87247 | format = aspx | work = aftermarketnews.com | publisher = Babcox | location = Akron, OH | id = | pages = | page = | date = 2008-3-11 | accessdate = 2008-05-27 | language = | quote = | archiveurl = | archivedate = ]
homepage = [http://www.rencogroup.net/index.html rencogroup.net]
footnotes =
intl =

Renco Group is a New York City-based holding company controlled by Ira Rennert that invests in other companies across a range of industries. [http://www.rencogroup.net/ The Renco Group, Inc.] ]

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. [cite news |first=ANDREW ROSS |last=SORKIN |authorlink= |coauthors= DANNY HAKIM |title= Perelman Seeks Controlling Stake in Maker of Hummer |url=http://query.nytimes.com/gst/fullpage.html?res=9C07E6DF1E3CF933A2575BC0A9629C8B63
work=New York Times |publisher=The New York Times Company |date=August 10, 2004 |accessdate=2008-05-27 ] In 2007, Renco Group lost ownership of its bankrupt subsidiary, WCI Steel to its lenders. [cite news | first = | last = | authorlink = | author = | coauthors = | title =Renco to buy Delphi Corp. business | url = http://www4.vindy.com/content/business_tech/296791704772431.php | format = php | work = Vindy.com | publisher = | location = | id = | pages = | page = | date = 2007-10-17 | accessdate = 2008-05-27 | language = | quote = | archiveurl = | archivedate = ] Through subsidiary, Inteva Products, LLC, Renco Group purchased Delphi's Global Interiors and Closures businesses in March 2008.cite news | first = | last = | authorlink = | author = | coauthors = | title = The Renco Group Completes Acquisition of Delphi's Global Interiors and Closures Businesses | url = http://www.aftermarketnews.com/default.aspx?type=art&id=87247 | format = aspx | work = aftermarketnews.com | publisher = Babcox | location = Akron, OH | id = | pages = | page =
date = 2008-3-11 | accessdate = 2008-05-27 | language = | quote = | archiveurl = | archivedate = ]

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 [http://query.nytimes.com/gst/fullpage.html?res=9B0CE2D91231F93BA15751C0A9649C8B63&n=Top%2fReference%2fTimes%20Topics%2fSubjects%2fL%2fLead New York Times - Missouri: High Levels Of Lead In Children] ] and elevated levels of lead, copper, zinc, and sulfur dioxide in La Oroya, Peru [http://observer.guardian.co.uk/world/story/0,,2147039,00.html Poisoned city fights to save its children] ] and Doe Run, Missouri.

In 2007, La Oroya was listed by Blacksmith Institute as one of the "World's Worst Polluted Places." [http://www.blacksmithinstitute.org/site10f.php The Blacksmith Institute - World's Worst Polluted Places - La Oroya, Peru] ]

References