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Sims Metal Management Ltd Announces The Sale Of Its Scrap Metal Recycling Assets In Arizona, USA


Sunday, 2 Dec 2012 05:17pm EST 

Sims Metal Management Ltd announced the sale, effective November 30, 2012, of its Arizona scrap metal recycling assets to SA Recycling LLC (SAR). SAR is a joint venture owned equally by SimsMM and Adams Steel, and has operations in California, Nevada and Arizona. The sale was settled at a price of USD 35 million in cash. The sale principally involves the real property related assets for two scrap metal recycling facilities located in Phoenix and Tucson, Arizona. SimsMM will retain the working capital assets of the Arizona business which is anticipated to monetize a further circa USD15 million in cash over 45 days following the sale. This brings the total expected cash generation from the Arizona sale to USD 50 million. The transaction will be accounted for in the first half Fiscal 2013 results with an expected pre-tax loss of AUD 12 million. The loss on sale relates to the value of intangible assets not realised in the sale. 

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