Sims Group announces more deals.
In the first deal, Sims has announced the acquisition of Cymru Metals Recycling, South Wales, U.K., a ferrous and nonferrous metals recycling facility. The acquired company handles more than 150,000 metric tons of metal per year. The acquisition follows Sims' goal of expanding its metals recycling business in fast growing areas. Sims says the purchase will complement its scrap recycling network in the United Kingdom.
Cymru Metals operates several facilities, some of which have direct export capabilities. Additionally, Cymru is an authorized treatment facility for end-of-life vehicles, handling around 50,000 vehicles a year.
"The acquisition of Cymru Metals Recycling expands Sims' presence into West Wales and strengthens our position as a leading U.K. metal recycler," Tom Bird, managing director of Sims Group U.K. Metal Recycling Division, says. "Cymru Metals Recycling will make a significant contribution to the ongoing development of our U.K. business."
Sims also has announced plans to acquire Menzies Metals, in the Melbourne area. Darron McGree, managing director of Sims Group Australia & New Zealand says the acquisition "significantly strengthens Sims Group's catchment in the area and allows us to offer a greater range of services to our regional customer base."
Finally, the company has completed the acquisition of Maroochy Steel, a steel distribution business servicing the coastal area of Queensland, Australia.
In addition, Sims Group Australia is building a metals recycling facility in Maroochydore. The site has all approvals in place and expects to be operational during the second half of fiscal 2007, according to the company.
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|Title Annotation:||SCRAP INDUSTRY NEWS|
|Date:||Feb 1, 2007|
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