Sims Metal Management Ltd. has sold recycling firm Metal Management Aerospace Inc. to ELG Utica Alloys Inc. for an undisclosed amount.
Metal Management Aerospace, based in Hartford, Conn., specializes in recycling titanium alloys and high temperature metals, according to a news release. Sims Metal said the aerospace operations did not fit with its core business because of the unique aspects of its processing capabilities and associated commodities.
ELG Utica Alloys is based in Utica, N.Y.
Sims Metal Management is based in Sydney, Australia, and is the parent of Chicago-based Sims Recycling Solutions. Sims Metal expects to take a pre-tax loss of about $9 million because of the transaction.