NILES — Niles Iron & Metal Company — well-known in the region for the massive iron statue outside of its South Main Street operation — has been sold to a Wisconsin-based diversified metals manufacturer.

Charter Manufacturing acquired the more than 100-year-old family-owned business in a transaction that closed July 22.

Terms of the deal were not disclosed.

The transaction, however, included both of the company scrap yards — 700 S. Main St., which according to the company’s website, is a 52-acre site that accepts, processes and transports all grades of iron and steel scrap acquired from sources in northeast Ohio and western Pennsylvania and 45 W. Federal St. downtown, which buys, processes, stores and transports non-ferrous metals, particularly aluminum. The West Federal Street location is a little less than 1 acre, according to the Trumbull County Auditor’s Office.

The South Main Street yard, meanwhile, also buys waste paper from customers that include grocery stores, industrial producers, national chains and the public to sell to mills across the U.S., the website states.

The deal also includes the property.

Niles Iron & Metal was founded in 1917 by the Clayman family. For more than 30 years, the Clayman Family Foundation has awarded scholarships to graduating Niles High School students. The foundation now awards three scholarships per year.

Cleveland-based financial investment firm Brown Gibbons Lang & Company served as the financial advisor for the transaction through its metals and advanced metals manufacturing investment banking group, according to a release Tuesday.

Charter Manufacturing, also family-owned, is a group of differentiated metals manufacturing businesses headquartered in Mequon, Wisconsin, a northern suburb of Milwaukee.

The company employs more than 2,300 people across its corporate location and businesses — Charter Aarrowcast / Charter Dura-Bar, Charter Steel, Charter Wire and Niles Iron & Metal, the release states.

“The deal is unique in today’s modern age because it brings together two fourth-generation privately held companies,” the release states. “The new partnership will allow both companies to continue their family legacy while benefiting from existing synergies between Niles Iron and Charter Manufacturing.”

The auditor’s office’s website as of Wednesday did not show the property had transferred, but still belongs to The David Nathan Clayman Co LLC, which owns 0.88 acres at 45 W. Federal St., Niles; 1.1 acres also on West Federal Street; 25.1 acres at 700 S. Main St., Niles; and 30.3 acres also on South Main Street.

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