Sims Metal Management Ltd (ASX:SGM) has announced that it has purchased two European electronics recyclers as it moves towards expanding its operations in the region.
The scrap metals recycler says it has bought two computer and information technology asset recovery companies, Dutch based Device and German company, ergoTrade.
Sims says the acquisitions are part of the company’s strategy to grow its information and communication technologies asset recovery and lifecycle management business into Europe.
While the financial terms of the sale have not been disclosed, Sims says the purchase price is not material to the company.
In the first six months of the 2011 financial year Sims Metal Management recorded a net profit of $49.3 million.
