Sims Metal Management Acquires Fairless Iron & Metal
07/07/2009 - Sims Metal Management announces the acquisition of Fairless Iron & Metal, a full-service ferrous and non-ferrous recycler.
Sims Metal Management Limited announced the acquisition of Fairless Iron & Metal, LLC.
With locations in Morrisville, Pa., and on the East Coast of the United States, Fairless is a full-service ferrous and non-ferrous recycler. The company operates two principal facilities including a state-of-the-art mega-shredder, non-ferrous recovery systems and a deep water port export facility.
“We welcome Tom and Mike Mazza and their talented employees to the Sims Metal Management family,” said Daniel W. Dienst, Group Chief Executive Officer. “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.”
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.
Financial terms of the transaction were not disclosed. The acquisition is expected to be immediately accretive to Sims Metal Management’s earnings.
Sims Metal Management, a leading metal recycler, operates approximately 230 facilities globally. With core businesses comprising metal recycling and recycling solutions, Sims earns around 80% of its revenue from international operations in North America, the UK, Continental Europe, New Zealand and Asia. Sims has more than 6000 employees.
