New York – New York-based scrap recycler Hugo Neu Corp. has merged operations with Australia-based Sims Group, one of the world’s largest recycling companies. Under the merger agreement, current Sims Group shareholders will receive a 74 percent interest in the new company, and Hugo Neu will hold a 26 percent interest, making it the largest shareholder. The U.S. operations of the merged company will be known as Sims Hugo Neu Company. The merger also will create a new division, Hugo Neu Recycling, to handle post-consumer recycling operations.
Sims Group Chief Executive Jeremy Sutcliffe will become chairman of the U.S. division, while former Hugo Neu Corporation Chairman John L. Neu will serve as vice chairman of the U.S. operations. John Neu also will be appointed vice chairman of Sims Group worldwide. Donald W. Hamaker, current president of Hugo Neu Corporation, will become chief executive officer of the combined U.S. operations.