PITTSBURGH Metalico Inc. is buying two privately held scrapyards in Pennsylvania and New York.
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.