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Sims Metal Management Limited, the world's largest listed metal and electronic recycling company (the “Company”), today announced that its recently formed New England subsidiary has acquired the assets, including the deep sea export facility, of Promet Marine Services Corporation Limited (“Promet”) located in Providence, Rhode Island. The deep sea facility is located in the Eastern United States on the Providence River and comprises more than nine acres of land, a rail serviced 600
-foot pier and two deep water berths.
As part of a broader strategic initiative, this acquisition will serve as the Company’s main export terminal for the New England region. The Company will continue to look at opportunities to build out this region with additional acquisitions and greenfield developments.
The Company intends to retain all Promet employees and welcomes them to the Sims Metal Management family. Additional personnel will be added regionally as our North American leadership team executes on its growth plans for the New England region over the coming months.
The financial terms of the transaction were not disclosed, however, the purchase price consideration is not material to the Company.
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 6 December 2010.