marine industry

Promet acquired by metal recycling company

SHIP repair company Promet Marine Services Corporation Ltd., located at Allens Avenue in Providence, was acquired by a metal recycling company for an undisclosed amount.
Posted 10/12/11

PROVIDENCE – Ship repair company Promet Marine Services Corporation Ltd., located at Allens Avenue in Providence, was acquired by a metal recycling company.

Promet’s deep sea facility, with nine acres of land, a rail serviced 600-foot pier and two deep water berths will be the main export terminal for the newly formed New England subsidiary of Sims Metal Management Ltd.

Sims said all Promet employees would be kept on; additional personnel may be added in coming months. The company said it will look for additional acquisitions and greenfield development opportunities.

Sims did not disclose the financial terms of the deal in a news release dated Oct. 9. It has 260 facilities and 6,300 employees globally.

Promet was owned by David A. and Joel H. Cohen, who were instrumental in the formation of the Providence Working Waterfront Alliance, which “which has worked tirelessly to educate state and local officials about the economic importance of the Port of Providence and to protect the area from incompatible mixed uses,” according to a citation by the Propeller Club, Port of Narragansett Bay, which named the brothers the 2008 Maritime Persons of the Year.

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