Metal recycling giant Sims Metal Management will dispose of some of its UK operations as a result of a restructuring programme, the company has announced.
The Sydney-based company said it intends to “reset and streamline” its Sims Recycling Solutions (SRS) business, which specialises in the recycling of photocopiers and cathode ray tubes from computer monitors and televisions.
Sims will offload a “substantial portion” of SRS operations in the UK and Canada.
“Legislation and market dynamics in the UK and Canada have resulted in these businesses being commercially unattractive to the company going forward,” it said.
Sims will redirect its capital and resources to other portions of the businesses that are more attractive and continue to develop a platform for SRS customers.
The rest of Sims’ activities in the UK, including fridge recycling and IT asset management solutions are not affected by the restructure.
The company said the restructuring programme will cost between AUD$80m to $85m (£44m-£47m), which will be reported in the company’s results for the second half of 2014.