Sims sells Arizona yards to SA Recycling
Dec 03, 2012 | 01:28 PM
| Sean Davidson
Tags
scrap,
metals recycling,
Sims Metal Management,
SA Recycling,
Daniel Dienst,
George Adams,
Sean Davidson
NEW YORK — Sims Metal Management Ltd. has sold two scrap metal recycling operations in Arizona to SA Recycling LLC, the company announced over the weekend.
SA Recycling is an equally owned joint venture between Sims and Adams Steel LLC with operations in California, Nevada and Arizona.
Sims sold "the real property related assets" for the two scrap recycling facilities, located in Phoenix and Tucson, to SA Recycling for $35 million in cash but will retain the working capital assets of its Arizona business, estimated at $15 million. This brings the total expected cash generation from the Arizona sale to $50 million. ....
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