Sims Metal Management Sells Scrap Metal Recycling Assets for $35M
Sims Metal Management Limited (NYSE: SMS), the
world's largest listed metal and electronic recycling company, today
announced the sale, effective 30 November 2012, of its Arizona scrap
metal recycling assets to SA Recycling LLC (SAR). SAR is a joint venture
owned equally by SimsMM and Adams Steel, and has operations in
California, Nevada and Arizona.
The sale was settled at a price of US$35 million in cash. The sale
principally involves the real property related assets for two scrap
metal recycling facilities located in Phoenix and Tucson, Arizona.
SimsMM will retain the working capital assets of the Arizona business
which is anticipated to monetize a further circa US$15 million in cash