Sims Metal Management Limited (ASX: SGM) has agreed to sell its European compliance scheme oriented recycling operations to TSR Recycling. Subject to competition approval by the European Commission, the transaction has been agreed for €83.5 million.
- Operation in Germany, Austria, Netherlands, Belgium & Sweden are the part of transaction.
- Transaction does not include the global e-recycling IT asset disposal business.
- The proceeds would further strengthen SGM’s balance sheet.
By 1:34 PM AEST, SGM was trading at $11, up by 1.6% relative to the previous close.