Sims (ASX:SGM) said it will cease the development of its plasma-assisted gasification technology for processing automotive shredder residue (ASR) waste, conducted by unit Sims Resource Renewal, according to a Thursday filing with the Australian bourse.
The decision follows a market assessment indicating that current conditions are not favorable for scaling the technology, the filing said.
Closure-related costs are expected to total AU$4 million in the fiscal second half, alongside an AU$21 million non-cash write-off for the fiscal year, the filing added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.