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Sims Metal Management Ltd Announces Sale Of Aerospace Business

Monday, 15 Jul 2013 06:32pm EDT 

Sims Metal Management Ltd announced the sale of its interest in Metal Management Aerospace, Inc (“Aerospace”), to ELG Utica Alloys. Aerospace, based in Hartford, Connecticut, specializes in the recycling of titanium alloys and high temperature metals. Aerospace was a subsidiary of the Company’s North America Metals business, and was determined to be non-core due to the unique aspects of its processing capabilities and associated commodities. The sale terms have not been disclosed and are not considered material to the Company. A pre-tax loss of circa $9 million is expected to be recognized by the Company in relation to the transaction. 

Company Quote

0.14 +1.20%
24 Dec 2014