Sims Metal Management Limited
(ASX:SGM) has sold scrap metal recycling assets in the US for $US35 million in cash.
The metal and electronic recycling company says the sale includes the property related assets for two scrap metal recycling facilities located in Arizona.
Sims will also retain $US15 million in working capital from the assets which brings the total expected cash generation from the sale to $US50 million.
The transaction will be booked as a pre-tax loss of $12 million in Sims first half results, which relates to the value of intangible assets not realised in the sale.
Sims Metal Management reported a net loss of $521 million in the 2012 financial year.
