Sims Metal Management History
Sims Metal Management is an Australian domiciled corporation which is listed on the Australian Securities Exchange and the New York Stock Exchange.
Sims Metal Management was originally established in 1917 by Albert Sims, a Sydney-based recycled metals dealer. The business was incorporated as Albert G. Sims Limited in 1928 and was renamed Simsmetal Limited in 1968.
In 1970, it merged with Consolidated Metal Products Limited and the merged ASX-listed company was named Sims Consolidated Limited. In 1979, Sims Consolidated Limited was acquired by Peko-Wallsend Limited and subsequently delisted. Sims Consolidated Limited was then acquired by North Limited (previously known as North Broken Hill Holdings Limited, and then North Broken Hill Peko Limited) in 1988. In 1989, North Limited sold the business to Elders Resources NZFP Limited, a diversified resources company.
In 1990, Carter Holt Harvey Limited made a successful takeover bid for Elders Resources NZFP Limited and divested that company’s non-forestry businesses, which included Sims. Sims changed its name to Simsmetal Limited in 1990 and relisted on the ASX in 1991. Simsmetal Limited changed its name to Sims Group Limited in 2003.
Sims Metal Management’s corporate strategy includes leading industry consolidation through acquisitions. Over a number of years, with experience gained from numerous international acquisitions, Sims Metal Management has established strict acquisition criteria. The acquisition criteria require that any acquisition target holds the number one or number two market position, delivers access to domestic and international customers, offers a sound platform for future growth and, above all else, will likely enhance shareholder value. The acquisition criteria have underpinned Sims Metal Management’s strong track record of international expansion.
In October 2005, Sims Group Limited merged with the recycling businesses of Hugo Neu Corporation, a privately owned U.S. corporation. The merger created a new ASX listed company named Sims Group Limited, which is traded under the ASX code “SGM.”
Since the Hugo Neu merger, the company has continued to grow its metals recycling operations with a number of bolt-on acquisitions in Australia, North America and the United Kingdom.
Sims Recycling Solutions was launched with the construction of an end-of-life refrigerator recycling plant in the United Kingdom in 2002. Since then, the business has expanded with the acquisitions in Europe, North America, India and Australia.
In 2008, Sims Group Limited and New York Stock Exchange-listed Metal Management, Inc. merged to create the world’s, as well as North America’s and Australasia’s, largest metals and electronics recycler. The company was renamed Sims Metal Management Limited at the company’s annual general meeting in 2008.
Globally, Sims Metal management has more than 50 subsidiaries as well as interests in several joint ventures.
In 2008, prior to completion of the Metal Management merger, the company published its history, “90 Years of Recycling”, which can be accessed by the link below.