Sims continues takeover blitz

Archiv – Australia-based metals recycling giant Sims Group has acquired major US electronics component scrap recycler Global Investment Recovery Inc. (GIR). Australia / United States | Australia-based metals recycling giant Sims Group has acquired major US electronics component scrap recycler Global Investment Recovery Inc. (GIR). Headquartered in Tampa, GIR operates plants in Florida, South Carolina, Nevada, Louisiana and Arizona, with specialisms including hard-drive destruction to military specifications, on-site shredding and the recycling of obsolete or excess electronic inventories.
Sims’ Executive Director Jeremy Sutcliffe declined to reveal the purchase price, saying instead that GIR had been bought for an ’extremely attractive multiple of current-year EBITDA (earnings before interest, tax, depreciation and amortisation)’€™. A group statement read: ‘€˜The acquisition will increase Sims’€™ North American electronics recycling and asset recovery market presence by approximately 40%, consolidating its market-leading position.’€™
As regards the global economic crisis, Mr Sutcliffe observed: ‘€˜We’€™re first and foremost commodity traders. We make money when the cycle is high, but when the cycle is low we actually see that as presenting opportunities. Every time there has been a slump in the cycle, we’€™ve emerged stronger at the other side. When we’€™ve been successful, we haven’€™t squandered that by over-leveraging the company, and our gearing is as low today as it has ever been.’€™