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Metal Recycling Corp. of Little Rock announced Thursday that it will purchase the assets of Sol Alman Co. in Little Rock, effective Dec. 18.
Financial terms of the deal were not disclosed. Sol Alman is the oldest scrap metal recycling business in Arkansas currently owned and operated by the founding family. It was founded in 1905 by Charles Alman, the grandfather of current owners Chairman Charles Alman and President Larry Alman, who will maintain their executive management roles post-acquisition, the companies said.
Metal Recycling is a second-generation scrap metal trading and recycling company founded in 1979 by Lee Ronnel. It has 70 employees and will gain 20 from the deal, Co-Owner Steve Ronnel told Arkansas Business on Thursday.
Now part of the combined company, the Alman operation will continue buying, processing and recycling scrap metals from 1300 E. Ninth St. under the name Alman Recycling Co. Metal Recycling plans to retain all existing managers and employees.
With the acquisition, Metal Recycling will operate three full-service scrap metal recycling facilities in the state. The others are Metro Scrap Metals in North Little Rock and Thompson Recycling Co. in Searcy.
Metal Recycling headquarters are at 111 Center St. in Little Rock.
The scrap metals purchased and processed at those plants are supplied as raw materials to be melted and formed into new metals at mills and foundries in Arkansas, the U.S. and around the world.
In announcing the deal, Ronnel said his father believed in “smart growth” for the family business, meaning that, “when times are slow, that’s when you need to look at strategic investments” that put the company in a position to thrive when conditions improve.
“During the pandemic, recycling commodities went into decline like the rest of the economy, of course, and we’re just beginning to see signs of an economic recovery in metal commodities,” he told Arkansas Business. “Some would say, as the world wakes up from a pandemic, there’s going to be a need for metal products.
“We’re hopeful that the economic recovery comes quickly and is sustainable. But we expect that there’ll be ups and downs along the way.”
Mike Ronnel, co-owner of Metal Recycling Corp., said his company looks forward “to joining forces with the Alman brothers, both of whom are highly respected in our industry and community, and we welcome the Alman employees and customers into the Metal Recycling Corp. family.”
In a news release, Charles Alman said he and his brother Larry “looked for a firm that has an impeccable reputation for integrity, shares our belief in civic involvement and financial stability, and would offer opportunities for our loyal customers and employees. We found just that with Metal Recycling Corp. Corporation.”
Larry Alman added that combining the two companies “will bring 200 years of recycling management experience to the table for the benefit of our customers.”