The Bank of New York Mellon, an asset management and securities firm, has been selected by metal recycling company Sims Group as the depositary bank for its American depositary receipt program.
The new Sims Group ADRs are a result of the March 14, 2008 merger between Sims Group and Metal Management. Sims Group’s existing over the counter traded ADR program is being upgraded to a New York Stock Exchange-listed program.
Christopher Sturdy, executive vice president and head of The Bank of New York Mellon’s depositary receipt division, said: We are pleased to serve as depositary as Sims brings its ADRs to the NYSE. We look forward to working with the company on specialized promotional and outreach programs designed to heighten Sims’ visibility in the US investment community.