Metalico Completes Segel & Son Acquisition

(RTTNews) - Metalico, Inc., (MEA) said Tuesday that it has closed its 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, Pennsylvania and Olean, New York.

Terms of the deal were not disclosed.

Eric Hern, President and Chief Executive Officer 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, Pennsylvania and Jamestown, New York. The company 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.