Sims' $137m spend

CASHED-UP metals recycler Sims Metal Management has continued to take advantage of tougher trading conditions, finalising its sixth acquisition in the past 12 months, this time taking its first direct step into the Chinese market by buying a 20 per cent stake in Hong Kong company, Chiho-Tiande Group Ltd, for $US137 million.

CASHED-UP metals recycler Sims Metal Management has continued to take advantage of tougher trading conditions, finalising its sixth acquisition in the past 12 months, this time taking its first direct step into the Chinese market by buying a 20 per cent stake in Hong Kong company, Chiho-Tiande Group Ltd, for $US137 million.

Sims is buying 18 per cent of Chiho-Tiande, which has operations in both China and Hong Kong, mostly from interests associated with the founder and chairman, Mr Ankong Fang, as well as acquiring an option over a further 2 per cent of the Hong Kong company's capital.

Chiho-Tiande claims to be the largest mixed metal scrap importer and processor in China and Sims has been a large supplier of material to the company for some time.

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