Sims Metal Management Sells U.S. Based Aerospace Metals Business

(RTTNews) - Sims Metal Management Ltd. (SMS) said Monday that it has sold its interest in Metal Management Aerospace, Inc, to ELG Utica Alloys.

Metal Management Aerospace, based in Hartford, Connecticut, specializes in the recycling of titanium alloys and high temperature metals. It was a subsidiary of Sims Metal's North America Metals business, and was determined to be non-core due to the unique aspects of its processing capabilities and associated commodities.

The sale terms were not disclosed and are not considered material to Sims Metal. A pre-tax loss of circa $9 million is expected to be recognized by the company related to the deal.

Sims Metal will release its full year Fiscal 2013 results on August 23.