US-based metal recycler Sims Limited has announced that it has entered into a binding agreement with UK-based Unimetals Group Limited to sell its UK metal business (UKM) for approximately £195 million. The transaction, which remains subject to regulatory approvals, is expected to be completed before the end of the first quarter of 2025.
The sale includes 28 facilities (including three port facilities) and four shredders. Unimetals will assume responsibility for employees currently working in the UKM business.
UKM’s sales volumes represented approximately 14 percent of the total Sims metal sales volumes in 2024.
“We conducted a comprehensive strategic review of UKM, evaluating all options, including a sale, forming a joint venture, or restructuring the business. The board concluded that a sale provided the optimal outcome for Sims and its shareholders. “By focusing on high-potential markets such as the US, Australia and New Zealand, where demand for scrap are stronger, we can effectively drive sustainable growth,” Stephen Mikkelsen, CEO of Sims Limited, commented.
In addition, Sims also signed an agreement to sell its remaining interest in US-based recycling company CLP Circular Services Holdings for approximately US$32 million. The transaction is expected to be completed in the first quarter of 2025.