A company that’s become a landmark in the Valley has a new owner.

Scrap metal recycler, Niles Iron & Metal Company has been sold to metals manufacturer Charter Manufacturing, according to a media release from Brown Gibbons Lang & Company

Founded in 1917, Niles Iron’s property along Route 46 in Niles is easily identified by the 20-foot-high sculpture “The Steelworker”, created from scrap metal by Sidney Rackoff thirty years ago.

The media statement says Niles Iron is strategically located to serve wide supplier bases and consumers throughout the Midwest and Northeast.

The company has two locations in Niles.  A 52-acre yard is devoted to the purchase, processing, storage, and transportation of all grades of iron and steel scrap. The second location is focused on non-ferrous metals, particularly aluminum.

Charter Manufacturing is a family-owned group of differentiated metals manufacturing businesses founded in 1936. Headquartered in Mequon, Wisconsin, the company employs more than 2,300 employees across its corporate location and businesses – Charter Aarrowcast/Charter Dura-Bar, Charter Steel, Charter Wire, and Niles Iron & Metal.

Executives say the sale is unique because it brings together two fourth-generation privately held companies.

“The new partnership will allow both companies to continue their family legacy while benefiting from existing synergies between Niles Iron and Charter Manufacturing,” according to the statement.

BGL’s Metals & Advanced Metals Manufacturing investment banking team served as the exclusive financial advisor to Niles Iron in the transaction.