Algar executives and staff will assist the scrap metal recycling company with day-to-day operations.
Industrial Services of America Inc. (ISA), a Louisville, Ky.-based scrap metal recycling company, has entered into a management services agreement with the auto parts and recycling company Algar Inc., also based in Louisville. The agreement is effective Dec. 1, 2013, and extends through Dec. 31, 2016.
Under the arrangement, executives and staff of Algar will assist ISA with its day-to-day operations in an attempt to strengthen ISA’s financial operations. Additionally, ISA’s board has appointed Sean Garber, Algar chairman and CEO, president of ISA. Garber was president of ISA from 1997 to 2000 and has direct experience with the company’s facilities and operations.
"We are very pleased to have identified a group with extensive industry and operating experience in scrap recycling,” Orson Oliver, ISA chairman and interim CEO, says. “We are excited about Sean's plan to grow the company through the acquisition of auto parts companies and other businesses. We believe he and his team can immediately and beneficially impact ISA's operations and welcome him to the company.”
Garber adds, "My team and I are excited to bring to bear our industry expertise, operating experience and ability to develop a strong corporate culture to ISA. I am thankful to Mr. Kletter for giving me the opportunity to come to Louisville in 1996. I look forward to working with the ISA team to build the company into a larger, stronger business, which ultimately should bring value to ISA shareholders."
As part of the agreement, Garber and Oliver have received an irrevocable proxy from Harry Kletter, K & R LLC and The Harry Kletter Family Ltd. Partnership (collectively, "Kletter"), which provides Oliver and Garber joint voting authority over the shares of the company's common stock owned by Kletter, the company’s largest shareholder.