Mitsui & Co., Ltd. ("Mitsui") announced that its wholly owned subsidiary in Sydney, Mitsui Raw Materials Development Pty. Ltd. ("MRMD"), has acquired an additional 3.2% of the issued ordinary shares of Sims Group Limited ("Sims"), headquartered in Sydney, for approximately A$198 million (approximately 18.9 billion yen) through the Australian Stock Exchange. Sims is the world largest recycling company, with metal scrap as its core business.
In June 2007, MRMD acquired 19.9% of the issued ordinary shares and subsequently acquired the further shares. Then, in March 2008, Sims acquired and merged with Metal Management Inc., the second largest US metal scrap recycling company, headquartered in Chicago, through share exchange. As a result of the merger, MRMD's ownership in Sims was diluted to 16.0%.
After the share acquisition this time, MRMD holds a 19.2% ownership in Sims, with an accumulated investment amount of approximately A$897million (approximately 89.4 billion yen). MRMD is the largest shareholder of Sims and has nominated 2 directors to the board of directors of Sims.
Mitsui recognizes scrap recycling as an industrial solution to environmental problems and has set recycling business as one of its key strategic business activities. Mitsui expects to enhance this business through this acquisition.
Outline of Sims
Sims is the world's leading metal recycler, with 235 sites across four continents. For more information, please visit their URL at
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