Updated April 24 at 4:45pm

Trust precious commodity to Gannon

By Patricia Daddona
PBN Staff Writer

For Gannon & Scott, recycling precious metals found in everything from electronic and medical devices to jewelry has changed over the years, but making transactions based on trust has not. More

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Trust precious commodity to Gannon

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For Gannon & Scott, recycling precious metals found in everything from electronic and medical devices to jewelry has changed over the years, but making transactions based on trust has not.

Founded in 1919 by former office manager John Gannon and partner Fred P. Scott, the company continually expanded its presence in Rhode Island and then, in 2000, doubled its capacity with the acquisition of a state-of-the-art, 42,000-square-foot processing facility in Phoenix, Ariz., said CEO Ken Dionne.

“There is a finite supply of precious metals on Earth and the main source is mining, but it’s very expensive to mine, so it’s more cost-effective to take metals that have been used and recycle them,” said Dionne. “That’s where we fit in.”

The global business of recycling precious metals is the reverse of manufacturing, General Manager Joseph Peixoto said.

“We take an unknown pile of scrap, process it and make it a known amount of precious metal,” like gold, silver or palladium, he said. “We usually take a finished product and bring it down to a raw material that ultimately can be reused.”

At the end of 2013, the company opened a 93,000-square-foot addition costing nearly $9 million that doubles the Cranston facility’s capacity to thermally reduce metals using technologically advanced and proven pollution controls. The new facility is expected to increase the workforce of 75 by 20 percent.

Today John Gannon’s grandson, John “Jack” Gannon, and his children, David Gannon and Margaret Gannon-Jones, are owners.

The commitment to efficient and environmentally safe and clean recycling of precious metals is espoused in the company’s corporate social-responsibility policy, said Dionne and Chief Financial Officer John King. That this material is processed in an environmentally safe manner is a given, and underscores the broader sense of reliability the company works to impart, they said.

“At Gannon & Scott, we believe that trust is the fundamental condition by which all business is conducted,” reads the online version of the policy. “Our No. 1 priority has been and continues to be our clients. Our corporate commitment is to be transparent and honest at all times with our customers in hopes of building and maintaining trust through the duration of the business relationship.”

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