Why the Sims (ASX:SGM) share price edged higher today

Sims Ltd (ASX: SGM) shares edged higher today following news of the company’s acquisition of certain assets from Alumisource Corporation. By the market’s close, the Sims share price was up 1.13% to $12.55.

Based in Pennsylvania, Alumisource provides specialised raw materials in the form of custom shredded and blended aluminium scrap to North American aluminium and steel industries.

What did Sims announce?

The Sims share price was on the move today after the company advised that its recently acquired Alumisource assets were purchased for a guaranteed amount of US$22.5 million. It noted that further payments would follow over the next three to five years using a pre-determined earnout formula.

As a result of the takeover, Sims…