SRS To Sell European E-Scrap Recycling Business

SEATTLE (Scrap Monster): Sims Recycling Solutions (SRS) reached an agreement to sell its European e-scrap recycling operations to Germany-headquartered TSR Recycling. Meantime, the company will retain its ITAD business in these locations. The sale deal is worth around $93 million.

The sale includes facilities that recycle waste electrical and electronic equipment (WEEE) in Müllendorf, Austria; Sint Niklaas, Belgium; Bergkamen, Germany; Eindhoven, Netherlands; Katrineholm, Sweden. It does not include facilities outside of Europe or in the UK. The sale is part of company’s strategy to focus more on its core business of offering data destruction, reuse and recycling services to companies.

The deal is likely to reduce SRS’s total weight of e-scrap metals from over 400,000 metric tons per annum to around 75,000 metric tons per annum. The facilities under sale are estimated to process over 270 million pounds a year, roughly contributing almost 86% of the company’s EBIT.

Alistair Field, CEO and managing director of Sims Metal Management noted that the sale includes European compliance scheme operations, which it believes is not part of its core business portfolio.

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