CMA Corp. Acquiring Singapore Metals Recycler

CMA Corp. Ltd. has signed an agreement to acquire the business and assets of Peakmore Enterprise Pte Ltd., a Singapore-based processor and trader of secondary metals products, for around $6.35 million.

CMA Managing Director Peter Hatfull said the Peakmore acquisition, if completed, would represent a significant step forward for the company.

"This would be our first acquisition in the highly active Asian market and would give us more control of the vertical metal trading chain in a market where we already have a big trading presence," said Hatfull.

"CMA has recently entered into contracts to recycle mill residues in the region, and Peakmore, besides being a strong contributor in its own right, will assist in managing these other potentially lucrative contracts.

"CMA currently sells product to Peakmore so we know and understand the business and see good synergies with our existing metals recycling operations throughout Australia and New Zealand."

Peakmore, founded in 1992, handles a wide range of ferrous materials, including scrap metal, semi-finished products, secondary flat products and other non ferrous materials.

The Singaporean group has an extensive network of steels mills, traders and service centers throughout the region.