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August 15, 2023
Sims Ltd., and Australian company that recycles metal and electronics, has acquired a U.S. based recycling business, totaling 17 facilities on the east coast.
Sims has agreed to acquire the east coast-based company Baltimore Scrap Corp. for $177 million. Baltimore Scrap Corp. had 17 recycling facilities across Maryland, Virginia, Pennsylvania, New York, and New Jersey.
"This acquisition is a highly complementary fit with our strategy to expand the metal-recycling business in North America," Alistair Field, chief executive officer and managing director of Sims Ltd. said in a statement. Sims Ltd. is the parent company of Sims Metals, which will operate the recycling business.
Stephen Mikkelson, chief financial officer of Sims Ltd. Said that the company will fund the purchase mainly through the sale of assets it deems to be “non-core” and others that “are not likely to achieve their required rate of return.”
The deal is set to be completed in October.
Sims Ltd. Buys ferrous metals, such as iron and steel, and non-ferrous metals. The company states that is recycles roughly 10 million tons of metal each year.
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