On Thursday, July 2, Australia-based global metal recycling giant Sims Metal Management (Sims) announced the acquisition of the assets of Fairless Iron & Metal, LLC (Fairless), a full-service ferrous and non-ferrous recycler, located in Morrisville, Pennsylvania on the East Coast of the US.
Fairless operates two principal facilities including a state-of-the-art mega shredder, non-ferrous recovery systems and a deep water port export facility. Fairless processes approximately 60,000 mt of scrap metal per month, sourced principally from New Jersey, New York, Eastern Pennsylvania and the inland US via rail.
"The financial terms of the transaction were not disclosed; however, the purchase price consideration is not material to Sims Metal Management," said Sims in a statement to Australian Securities Exchange.
"The transaction will be immediately accretive to the earnings of Sims Metal Management," Sims added.
According to Sims, the management and employees of Fairless will retain positions in the Sims Metal Management structure.