PITTSBURGH 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 shredder.
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.
The Cranford, 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 shredder.
The new assets will be run through Metalicos Goodman Services Inc. subsidiary, which already operates in Bradford, Pa., and Jamestown, N.Y.
This is 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).