Metal Recycling Group Eyes Major Recycling Expansion in the U.S

SEATTLE (Scrap Monster): Metals recycling group Sims Limited announced that it has reached a deal to sell its majority stake in Sims Municipal Recycling of New York operations. The $45 million deal will see selling of 50.46% stake in the company to a group of investors led by the Closed Loop Partners. The deal is expected to come to a close during the third quarter of fiscal 2022.

Sims Municipal Recycling processes and markets much of the waste produced in New York City. It operates total of four recycling facilities, out of which three are located in the New York-New Jersey metro area, whereas the other is located in Florida. The company formed in 2003, had processed approximately 660,000 metric tons of municipal curbside waste in 2021 fiscal year.

Commenting on the deal, Alistair Field, Chief Executive Officer and Managing Director, Sims Limited noted that the transaction demonstrates Sims’ leadership and commitment to innovate quickly so as to maximize opportunities within the circular economy. It looks forward to optimize recycling accessibility across New York City and significantly grow its services across the U.S.

The sale price will be used to fund other recent transactions by the company, added Field.

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