WARREN, Pa. - A local company, in business for nearly 100 years, is now under new ownership.
Segel & Son Inc., of Warren, Pa. and Olean, has been sold to Metalico Inc., with corporate offices in Cranford, N.J., and numerous scrap-metal recycling facilities throughout the region.
The acquisition was announced Tuesday. The sale will not result in changes in personnel nor interruption of services.
Segel and Son, of Warren, Pa. and Olean, has been sold to Metalico Inc., a regional recycler based in New Jersey.
Photo by Rob Andersen
Both Segel & Son locations will be operated by Metalico through a subsidiary, Goodman Services, but local leadership will remain in place.
Eric Hern, Segel & Son president and CEO, will remain in charge of "overseeing and growing the former Segel operations."
"We're proud to be joining a leader in our industry with Metalico," Hern said. "Our facilities in Warren and Olean, are a natural fit for Metalico and all of our employees at both facilities are staying on. We will be able to continue serving our customers without interruption while we take advantage of the fiscal and operational strength of the Metalico network in Upstate New York and western Pennsylvania."
The change is a positive one for those looking to recycle metals, Hern said. "For the Warren-area community, this means we are able to provide them better pricing for their scrap metal."
Terms of the deal were not disclosed.
Metalico expects the acquisition to enhance its position along the border of New York's Southern Tier as an aggressive competitor for the region's scrap and to boost supply materials for Metalico's Buffalo shredder.
Metalico Inc. is a holding company with operations in ferrous and non-ferrous 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. Metalico's common stock is traded on the New York Stock Exchange under the symbol MEA.