SEATTLE (Scrap Monster): Leading metal and electronics recycler Sims Limited announced acquisition of commercial and operating assets of Alumisource Corp. - a Pennsylavania, U.S.-based leading aluminum processor.
The news release published by the company says that Sims Limited has agreed to make an upfront payment of $22.5 million against the purchase. Also, it will make additional payments over the next three to five years, the amounts of which will be calculated using a predetermined earnout formula.
The acquisition will help to boost the company’s North American metal division’s nonferrous retail sales volumes to approximately 33,000 metric tons. This is significantly higher when compared with the nonferrous retail volume of 140,000 metric tons during entire fiscal year 2020.
Alistair Field, CEO and managing director, Sims Ltd. noted that the milestone acquisition will help the company towards delivering its strategic targets and growing nonferrous retail volumes in the North American region. Alumisource’s culture around safety and sustainability fits well with that of the company. Sims has longstanding relationship with Alumisource, he said.
Gabe Hudock, CEO, Alumisource will continue to manage the acquired company for a period of up to five years.