Sims acquires Rhode Island export facility

Sims Metal Management Limited, a metal and electronic recycling company, has acquired the assets, including the deep sea export facility, of Promet Marine Services Corporation Limited located in Providence, Rhode Island. The deep sea facility is located in the Eastern United States on the Providence River and comprises more than 9 acres of land, a rail serviced 600’ pier and 2 deep water berths.

As part of a broader strategic initiative, this acquisition will serve as the company’s main export terminal for the New England region. The company will continue to look at opportunities to build out this region with additional acquisitions and greenfield developments.

Sims intends to retain all Promet employees. Additional personnel will be added regionally.

The financial terms of the transaction were not disclosed, however, the purchase price consideration is not material to the company.