Sims Metal Management Limited, the world's largest listed metal and electronic recycling company announced that its recently formed New England subsidiary 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 nine acres of land, a rail serviced 600 feet pier and two 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.

The Company intends to retain all Promet employees and welcomes them to the Sims Metal Management family. Additional personnel will be added regionally as our North American leadership team executes on its growth plans for the New England region over the coming months.

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