Cranford, N.J.-based Metalico Inc., has closed its previously announced acquisition of the assets of Segel & Son. Inc., a family-owned scrap iron and metal recycling business for nearly 100 years with facilities in Warren, Pa., and Olean, N.Y.
Eric Hern, president and CEO of Segel & Son, will stay on with the new ownership. He will have primary responsibility for overseeing and growing the former Segel operations.
Metalico will operate the Segel facilities through its Goodman Services Inc. subsidiary, which has locations in Bradford, Pa., and Jamestown, N.Y. The company says it expects the acquisition to enhance its position along the border of New York`s Southern Tier and to boost supply materials for Metalico`s Buffalo, N.Y., shredder.
Metalico Inc. is a holding company with operations in ferrous and nonferrous scrap metal recycling and fabrication of lead-based products. Metalico operates scrap recycling and lead fabricating facilities in New York, Pennsylvania, Ohio, West Virginia, New Jersey, Texas, Mississippi, Alabama, Illinois and California.
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