Sims Metal Management Announces Agreement To Acquire Assets Of Commercial Metal Recycling Services

Sims Metal Management, the world's largest listed metal and electronic recycling company, recently announced that its subsidiary Sims Group Australia Holdings Limited (SimsMM Australia) had signed an agreement for the purchase of the assets of Commercial Metal Recycling Services (CMRS).

CMRS is a metal recycler that operates a network of eight yards across Queensland, Australia. The company operates from three locations in Brisbane, and five regional centres in Townsville, Cairns, Toowoomba, Gladstone and the Sunshine Coast. CMRS collects approximately seventy five thousand tonnes of ferrous scrap and seven thousand tonnes of non-ferrous scrap per annum.

Darron McGree, Managing Director of SimsMM Australia, said "CMRS is a good strategic fit for our Queensland metal recycling business due to its diverse geographic footprint and strong local capability."

The acquisition is subject to clearance from the Australian Competition & Consumer Commission. The financial terms of the transaction were not disclosed, however, the purchase price consideration is not material to Sims Metal Management Limited.

SOURCE: Sims Metal Management