PITTSBURGH Metalico Inc.
is buying two privately held scrapyards in Pennsylvania and New
Warren, Pa.-based Segel &
Son Inc. said it has signed a letter of intent to be acquired
by Metalico for an undisclosed price. The deal is expected to
close by June 30.
"The Segel facilities are a
natural fit for us," Metalico president and chief executive
officer Carlos E. Agüero said. "We look forward to a
successful closing and integration."
Segel is a third-generation
metal recycling and finished steel sales company that services
customers in northwestern Pennsylvania and southwestern New
York. The transaction will include all of Segels assets,
which include yards in Warren and Olean, N.Y.
"Were proud to be joining
a leader in our industry by moving forward with Metalico,"
Segel president and chief executive officer Eric C. Hern said.
"Well be able to continue serving our customers without
interruption while we take advantage of the fiscal and
operational strength of Metalico."
Cranford, N.J.-based Metalico
will retain Hern and the existing Segel & Son work force
after the sale is complete.