Sims Metal Management acquiring metal recycling company assets

Sims Metal Management, the listed metal and electronic recycling company, has announced that its subsidiary Sims Group Australia Holdings Limited (SimsMM Australia) has 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. The company operates from three locations in Brisbane, and five regional centres in Townsville, Cairns, Toowoomba, Gladstone and the Sunshine Coast. CMRS collects approximately 75,000 tonnes of ferrous scrap and 7000 tonnes of non-ferrous scrap per annum.

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.