Company to take steps to reduce losses in its electronics recycling business.
Sims Metal Management Ltd., with corporate headquarters in Sydney and New York City, has announced restructuring initiatives that it says are designed to streamline Sims Recycling Solutions, its electronics recycling business.
The review has determined that certain loss-making assets are outside of the company’s strategic long-term interests. These operations include a substantial portion of Sims Recycling Solutions operations in the United Kingdom and all of the company’s operations in Canada. Legislation and market dynamics in these two countries have resulted in these businesses being commercially unattractive to the company going forward, according to Sims Metal Management.
Sims Metal Management says it will redirect its capital and resources to other portions of the global businesses that are more attractive as it continues to develop its platform for Sims Recycling Solutions’ customer relationships worldwide.
Sims Metal Management’ U.K. metals operations, its refrigeration recycling and IT asset management solutions will not be affected by the restructuring activities, according to the company, which adds that its Sims Recycling Solutions operations outside the U.K. and Canada also are not affected by the restructuring activities.
The Sims Recycling Solutions’ website lists Canadian locations in Langley, British Columbia; Mississauga, Ontario; and Laval, Quebec. In the United Kingdom, the company lists locations in Cheshire, Dumfriesshire, Glasgow, Gwent, Middlesex, Stockton-on-Tees and Warwickshire.