Sims Metal Management Limited (ASX: SGM) (NYSE: SMS), the world’s
largest listed metal and electronics recycling company, announced today
the acquisition of the assets of Fairless Iron & Metal, LLC (“Fairless”)
in Morrisville, Pennsylvania on the East Coast of the United States.
Fairless, a full-service ferrous and non-ferrous recycler, 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 tons of scrap metal per month
sourced principally from New Jersey, New York, Eastern Pennsylvania and
the inland United States via rail.
Daniel W. Dienst, Group Chief Executive Officer stated, “We welcome Tom
and Mike Mazza and their talented employees to the Sims Metal Management
family. We look forward to their many contributions to our business for
the years to come as we collectively focus on shareholder returns and an
unwavering commitment to safety, the environment and the communities in
which we operate.”
The financial terms of the transaction were not disclosed, however, the
purchase price consideration is not material to Sims Metal Management.
The transaction will be immediately accretive to the earnings of Sims
Metal Management.
Cautionary Statements Regarding Forward-Looking Information
This release may contain forward-looking statements, including
statements about Sims Metal Management’s financial condition, results of
operations, earnings outlook and prospects. Forward-looking statements
are typically identified by words such as “plan,” “believe,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project” and
other similar words and expressions.
These forward-looking statements involve certain risks and
uncertainties. Our ability to predict results or the actual effects of
our plans and strategies is subject to inherent uncertainty. Factors
that may cause actual results or earnings to differ materially from
these forward-looking statements include those discussed and identified
in filings we make with the Australian Securities Exchange and the
United States Securities and Exchange Commission (“SEC”), including the
risk factors described in the Company’s Annual Report on Form 20-F,
which we filed with the SEC on 10 December 2008.
Because these forward-looking statements are subject to assumptions and
uncertainties, actual results may differ materially from those expressed
or implied by these forward-looking statements. You are cautioned not to
place undue reliance on these statements, which speak only as of the
date of this release.
All subsequent written and oral forward-looking statements concerning
the matters addressed in this release and attributable to us or any
person acting on our behalf are expressly qualified in their entirety by
the cautionary statements contained or referred to in this release.
Except to the extent required by applicable law or regulation, we
undertake no obligation to update these forward-looking statements to
reflect events or circumstances after the date of this release.
About Sims Metal Management
Sims Metal Management (www.simsmm.com)
is the world’s largest listed metal recycler with approximately 230
facilities globally. Sims’ core businesses are metal recycling and
recycling solutions. Sims earns around 80 per cent of its revenue from
international operations in North America, the United Kingdom,
Continental Europe, New Zealand and Asia. Sims has more than 6,000
employees and has its ordinary shares listed on the Australian Stock
Exchange (ASX CODE: SGM) and its ADRs listed on the New York Stock
Exchange (NYSE SYMBOL: SMS).
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