Sims Metal Management Announces Sale of European Recycling Business

SEATTLE (Scrap Monster): Sims Metal Management (SMM) announced that it has reached an agreement to sell its European recycling business. The sale of European compliance scheme oriented recycling operations to TSR Recycling is valued at €83.5 million and is subject to regulatory approval by the European Commission authorities.

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According to company press release, the transaction would include operations across Germany, Austria, the Netherlands, Belgium and Sweden. However, it would not cover assets pertaining to SMM’s global e-waste recycling and IT asset disposition businesses in the region. The sale decision is part of capital management strategy. The sale proceeds will further strengthen the company’s balance sheet.