ELG Utica Alloys Inc., Utica, N.Y., has acquired Metal Management Aerospace Inc. (MMA) from Sims Metal Management Ltd. (SMM), New York.
ELG Utica Alloys specializes in the recycling of titanium, super alloys and high temperature metals. MMA, which was based in Hartford, Conn., was a subsidiary of SMM’s North America Metals business. In opting to sell the division, SMM says the division was determined to be non-core because of the unique aspects of its processing capabilities and associated commodities.
According to an SMM news release, "The sale terms have not been disclosed and are not considered material to [SMM]. A pre-tax loss of about $9 million is expected to be recognized by [SMM] in relation to the transaction."
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