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BOSTON, MA – November 11, 2014 – /BackupReview.info/ — Iron Mountain® Incorporated (NYSE: IRM), the storage and information management firm, today announced it has signed a definitive agreement to divest its international shredding operations located in the United Kingdom, Ireland and Australia to Shred-it International ULC (“Shred-it”) for approximately US$29.8M. Additionally, Iron Mountain has agreed to acquire Canadian-based Securit Records Management Inc., an affiliate of Shred-it International ULC, for approximately US$29M. The deals are subject to customary closing conditions and price adjustments, and are expected to close by the end of the year.
Iron Mountain’s international shredding operations include eight shredding plants and approximately 90 mobile shredding units across the UK, Ireland, and Australia. Going forward, Iron Mountain and Shred-it will work together to provide seamless support for shared customers in these regions.
“We chose to divest our UK, Irish and Australian shredding businesses because collectively they are much smaller than our North American operations, and we did not benefit from the same scale,” said William L. Meaney, president and CEO of Iron Mountain. “After an extensive review of our international product portfolio, we concluded that collaborating with Shred-it was a better option in these countries, allowing us to support our customers’ document destruction needs and freeing-up resources for making future investments in our growing records management and data management businesses.”
Additionally, the acquisition of Securit Records Management aligns with Iron Mountain’s vision to expand its capacity to provide records management services and to grow its brand as a leading information management solution provider. Securit Records Management in Canada consists of nine facilities and 3 million cubic feet of records. Two of the largest facilities are located in Ottawa and Toronto, where Iron Mountain sought additional space to support new and existing customers.
Iron Mountain will continue to operate its substantial shredding business throughout North America, which includes 21 plants, 290 mobile shredding units and serves more than 43,000 customers.
About Iron Mountain
Source: Iron Mountain Inc.
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