Global leader in sustainability Sims Limited (ASX:SGM) reports it has begun the process to sell its 50% shareholding in LMS Energy.
The company says LMS represents Australia’s leader in biogas-to-energy and methane abatement from waste, with 36 biogas-to-energy facilities, 26 biogas flaring facilities, and 6 solar projects currently held within its arsenal.
Sims notes LMS collectively generates about 600,000 megawatt hour (MWh) of renewable energy and abates 4.6 million tonnes (Mt) of carbon equivalent annually, making it one of the largest emissions reducers in Australia.
“LMS has grown to be a leading bioenergy and methane abatement company in Australia and expanded into new markets including the United States”
The company also notes it identified the opportunity to sell its interest in LMS following a strategic review process, and that the proposed sale is consistent with its business strategy to recycle capital and grow the core metal business.
Speaking on the sale of interest, Sims Chief Executive Officer (CEO) and Managing Director Alistair Field says: “Sims acquired its 50% stake in LMS in 2001. I am pleased with the growth achieved over the last 22 years. LMS has grown to be a leading bioenergy and methane abatement company in Australia and expanded into new markets including the United States. The business has an experienced, dedicated management team, and I am confident in its continued growth.”
Also commenting on the sale, LMS Chairman John Falzon says he is excited for what the future holds for the company and its new partner:
“I founded LMS in 1996 and today it is one of the largest emissions reducers in Australia. Our focus every day is protecting the environment from the impact of waste. I am extremely proud of what we have accomplished and excited about the opportunities that lie ahead with a new partner. The relationship remains strong with Sims and we will always be grateful for their support. I believe in this business and my family is committed to continuing to grow our business to preserve the planet for future generations.”
Sims is an ASX-listed company founded in 1917 and represents a global leader in sustainability and an enabler of the circular economy that employs 4,400 employees who operate from more than 200 facilities across 15 countries. The company’s current purpose, create a world without waste to preserve our planet, is what drives them to constantly innovate and offer new solutions in the circular economy for consumers, businesses, governments, and communities around the world.