Australia-based Sims Metal, a metal recycler, recently announced that the company will purchase the commercial and operating assets of Pennsylvania-based Northeast Metal Traders (NEMT).
NEMT is a nonferrous scrap metal wholesaler and broker that operates a site in Philadelphia and has suppliers and consumers throughout the eastern United States. It is one of the largest copper recyclers in the United States, processing and selling approximately 60,000 tons of nonferrous metal annually.
“We are very excited about this bolt-on acquisition and the opportunities it opens up for the Sims Metal North America business,” Alistair Field, Sims Limited managing director and CEO, said. “The Northeast brings commercial and operating synergies, as well as provides us with a significant and complementary footprint in Philadelphia.”
The deal is expected to close in mid-April.
The purchase is part of a growth strategy that includes expanding Sims Metal North America. It will increase copper volumes in the metal business and strengthen Sims Metal’s exposure to the energy transition and decarbonization.
Founded in 1917, Sims Metal operates in Australia, the United Kingdom, and the United States. It buys and processes recyclable ferrous and nonferrous metal and sells the recycled material to manufacturers in 30 countries. Its global operations recycle approximately 10 million tons annually.