Metalico Inc. has closed its previously announced acquisition
of Pennsylvanias Segel & Son Inc., a move that
increase its footprint and boost feedstock to a company
The terms of the deal
were not disclosed.
Segel president and
chief executive officer Eric C. Hern will remain with the
company and will be in charge of overseeing and growing the
former Segel operations.
N.J.-based scrap processor in May had announced the deal to
acquire a Segel, a privately owned company that has facilities
in Warren, Pa., and Olean, N.Y. (
amm.com, May 22).
The company expects
the buy to enhance its ability to aggressively compete for
scrap along the border of New Yorks southern tier, as
well as supply material to its Buffalo, N.Y., auto
The new assets will be
run through Metalicos Goodman Services Inc. subsidiary,
which already operates in Bradford, Pa., and Jamestown,
Metalicos second acquisition this year. In February it
bought the assets of Conway, Pa.-based Skips Recycling
Inc. to feed its Pittsburgh auto shredder plant (
amm.com, Feb. 7).