Metal recycling company Sims Metal Management Ltd
(ASX:SGM) has acquired U.S. recycler Fairless Iron & Metal.
Fairless, located in Pennsylvania on the East Coast of the United States, operates two principal facilities including a mega-shredder, non-ferrous recovery systems and a deep water port export facility.
CEO Daniel W. Dienst says Sims looks forward to the many contributions of Fairless to the Sims business in the years to come as the two companies collectively focus on shareholder returns and an unwavering commitment to safety, the environment and the communities in which they operate.
The financial terms of the transaction have not been disclosed, however Sims says the purchase price is not material to the company, saying the transaction will be immediately accretive to the earnings of Sims Metal Management.
Sims Metal Management recorded profit of $433.1 million in 2008.
