European Metals Recycling (EMR), one of the largest scrap metal companies in Europe, has sold part of Metal and Waste Recycling (M&W), which EMR originally acquired in 2017, to comply with an order by the U.K.’s Competitions and Markets Authority (CMA).
Under the agreement , EMR will sell the M&W scrap facilities, with the exception of those in Edmonton and Neasden, U.K., which it refers to as the "London sites*," to Recycling Lives Ltd., based in Preston, U.K.
The deal is expected to be complete by May 30. On closing, the M&W business based at the London sites will transfer to EMR.
EMR’s decision to sell a portion of its M&W assets to Recycling Lives follows the CMA’s ruling that EMR’s acquisition of the company represented a substantial lessening of competition, requiring EMR to sell some of the assets.
Regarding the sale, EMR says, “We believe that M&W will continue to thrive under the ownership of Recycling Lives and provide a secure future for M&W’s employees. We thank the M&W employees for their patience and understanding through the divestment process and on closing we will be delighted to welcome to the EMR Group those M&W employees based at the London sites.”