Sims Metal Management Announces Strategic Growth Plan
â€“ Focus on driving growth of existing businesses and introducing new business sectors â€“
NEW YORK, April 9, 2019 /PRNewswire/ -- Sims Metal Management (USOTC: SMSMY), a global leader in metals and electronics recycling and an emerging leader in municipal recycling and renewable energy, hosted an investor strategy day to unveil its multi-year strategic growth plan.
Sims' executive leadership team shared plans to drive growth through 2025, as well as addressed how investing in the latest technology can deliver environmental objectives and also make financial sense.
"Sims Metal Management is strongly positioned to become a global leader in the circular economy, acting as responsible stewards for the environment," said Alistair Field, Group Chief Executive Officer and Managing Director. "Innovation and our long-standing focus on providing better solutions in recycling will fuel our success."
Mr. Field addressed opportunities for growth within the company's existing metals and e-recycling businesses, as well as the plan to establish new businesses that will reduce waste and produce renewable energy that will propel the company's next wave of growth.
Purpose and Offering
Mr. Field shared that the company's purpose, "create a world without waste to preserve the planet," will serve as the focus for what Sims plans to achieve. To accomplish this, Sims shared plans for each of its business units and highlighted key priorities.
Existing Business Goals
- Metals: Continue to lead metal recycling by nearly doubling the non-ferrous business and growing the ferrous business by 40% in the United States within the next six years.
- E-recycling: Increase e-recycling services and become the leading e-recycler of data storage centers ("the cloud"). Aim to recycle 10% of the cloud over the next six years and be the original equipment manufacturer supplier of choice for recycled plastic.
- Municipal Recycling: Lead change in municipal recycling by instituting new systems for better solutions. Secure additional large city municipal recycling contracts by 2025.
New Business Goals
- Waste-to-Energy: Expand into waste-to-energy by capturing the energy available in the non-metallic residue produced from the shredding process (ASR) to generate electricity. Install and operate seven plants within 10 years with the aim of zero waste disposal and energy costs over the long-term.
- Energy: Leverage expertise and best practices from joint venture partner LMS Energy, the leading landfill energy company in Australia, to expand that business model into other parts of the world. Acquire or build a minimum of 50 Megawatts of sites within the next six years.
Expertise and Industry Leadership
Sims paid tribute to its 100-year history and unparalleled expertise in recycling. Mr. Field shared goals to continue advocating for change and new solutions in partnership with other recycling companies through participation in industry groups, such as the World Business Council on Sustainable Development (WBCSD), among others.
Sims advanced new and improved technology across its offerings around the world. Capital was spent on growth investments and key partnerships to fuel constant innovation.
- Metals: The company continued to develop superior technology to provide cleaner and higher quality products to customers across all sectors, and especially in metals recycling, the company's core business.
- E-Recycling: Sims provided customized solutions to several of the world's leading electronic manufacturers. As cloud-based companies are anticipated to grow, along with consumer electronics consumption habits, Sims shared an ongoing focus to advance service offerings in this sector, where Sims is a market leader.
- Municipal Recycling: The Company also expects to lead industry innovations and solutions in this sector, attributed Mr. Field. In 2019, Nespresso, Sims Municipal Recycling and the NYC Department of Sanitation announced a collaboration to create new technology for coffee pod recycling to improve efficiency in non-magnetic metals recycling and lightweight aluminum products.
Talent and Culture
Sims contributed its ongoing success to the commitment and drive for outstanding work of its more than 5,000 employees. Mr. Field cited that celebrating current employees and attracting purpose-driven talent will be ongoing priorities. The company instituted a number of initiatives to strengthen its culture, including an organizational capability review, the Respect and Inclusion educational series and the Women Working @ Sims employee resource group to cultivate top industry leadership. Sims' goal is to become the employer of choice in the environmental sector.
A webcast of the investor presentation from Monday, April 8, 2019 can be accessed here.
About Sims Metal Management
Sims Metal Management is one of the world's leading metal and electronics recyclers with more than 250 facilities, operations in 18 countries, and more than 5,000 employees globally. The Company's ordinary shares are listed on the Australian Securities Exchange (ASX: SGM) and its American Depositary Shares are quoted on the Over-the-Counter market in the United States (USOTC: SMSMY). Please visit www.simsmm.com for more information on the Company and recent developments.
Caution Concerning Forward Looking Statements
The material contained in this document is a presentation of information about the Group's activities current at the date of the presentation, April 8, 2019. It is provided in summary form and does not purport to be complete. It should be read in conjunction with the Group's periodic reporting and other announcements lodged with the Australian Securities Exchange (ASX).
To the extent that this document may contain forward-looking statements, such statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, and which may cause actual results to differ materially from those expressed in the statements contained in this release.
This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.
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