Sims Metal Management Limited announced the sale of its interest in Metal Management Aerospace, Inc to ELG Utica Alloys. Aerospace specializes in the recycling of high temperature metals and titanium alloys. Aerospace was a subsidiary of Sims Metal Management North America metals business. It was determined as non-core due to the unique aspects of its processing capabilities and associated commodities. The sale terms for Aerospace were not disclosed and were not considered to be material to the Company. The pre-tax loss of US$9 million will be recognized by the Aerospace and ELG Utica Alloys in relation to the transaction.
Sims Metal Management is the world's largest listed metal recycler with over 270 facilities globally. The Sims core businesses are in metal and electronics recycling. Sims Metal Management generates 88% of its annual revenues from operations in the United Kingdom, North America, New Zealand, Continental Europe, and Asia.
ELG Utica Alloys engages in processing, servicing, and buying and selling of cobalt, nickel, titanium molybdenum, chromium, tungsten, and niobium bearing scrap from manufacturing facilities internationally.
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