Sims Ltd. Reached Deal on Sales of UK Metal Business to Unimetals Group

According to the agreement, the deal comprises of a total of 28 facilities, inclusive of 3 port facilities and 4 shredders.

SEATTLE (Scrap Monster): Sims Ltd. announced that it has entered into a binding agreement with London-headquartered Unimetals Group Ltd. towards sale of its UK Metal business (UKM) for a sum of £195 million. The deal is subject to customary closing conditions and necessary regulatory approvals and is expected to be finalised before the end of Q1 next fiscal year.

The transaction marks the conclusion of the strategic review process announced by Sims Ltd. in November last year. Since then, the company has been in efforts to explore various options aimed at enhancing the performance of the UK Metal business and thereby maximising shareholders returns.

According to the agreement, the deal comprises of a total of 28 facilities, inclusive of 3 port facilities and 4 shredders. In addition, Unimetals will assume responsibility for the current employees of the UKM business.

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As per recent filing by the company, the UKM business had accounted for 14% of the total Sims Metal sales volume in fiscal year 2024.

Commenting on the transaction, Stephen Mikkelsen, SEO and Managing Director, Sims Ltd. said that the company had explored various options including restructuring, joint venture and sale. Finally, the board came to a conclusion that a sale could provide the optimal outcome for the company and its shareholders, thus resulting in the deal, he added.

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