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•           Nymet Holdings to buy marine salvage company
•           Says it’s a ‘strategic location’

Nymet Holdings Inc., a metals and mining company headquartered in Port Jefferson, N.Y., says it has signed a lease-purchase contract with a company it did not identify to acquire a marine salvage and storage facility located in Stockton. Nymet did not return a call for additional information. The acquisition, which includes two waterfront parcels as well as riparian rights, provides Nymet a “strategic location” to expand its marine salvage division for scrap metal recovery, it says.

The property, located on the waterfront of the San Joaquin River in Stockton will be used to process and transport scrap metal derived from the salvage and ship breaking opportunities available on the west coast of North America, says Nymet. The facility provides access to the Delta waterway as well as the ability to park salvage barges. “In addition to being one of the last waterfront properties permitted for storage and marine salvage operations, the property's proximity to Oakland's port also enables Nymet to export material to Asia extremely cost effectively,” the company says. The facility, with its riparian rights, also allows barges to be "parked" at their facility “and provides an enormous logistical advantage,” Nymet says.
 
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