Sims Agrees to Acquire Assets of US-Based Scrap Metal Dealer for Nearly $67 Million; Shares Hit Highest Since December 2010

MT Newswires Live

02/10

Sims (ASX:SGM) entered into an agreement to purchase assets of Tri-Coastal Trading, a scrap metals processing company in Texas, US, for $66.5 million in a bid to consolidate its Houston operations, according to a Tuesday Australian bourse filing.

The company also agreed to sell its Mayo Shell property in Houston, subject to customary due diligence and approvals, to fund the Tri-Coastal purchase.

A component of the deal is the consolidation of Sims' Houston ferrous operation onto the Tri-Coastal location and the novation of Tri-Coastal's Enstructure service agreement to Sims, which includes exclusive access to harbor-side land as well as a secure, deep-sea dock facility in the Galena Park industrial area of

Houston, per a separate filing.

Sims' shares rose 3% in recent trading on Tuesday and earlier hit their highest since December 2010.

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