BOSTON--(BUSINESS WIRE)--
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 three 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 Shred-it
Shred-it is a world-leading information security company providing
information destruction services that ensure the security and integrity
of our clients' private information. The company operates in 140 markets
throughout 17 countries worldwide, servicing more than 300,000 global,
national and local businesses.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage
and information management services. The company’s real estate network
of over 67 million square feet across more than 1,000 facilities in 36
countries allows it to serve customers around the world. And its
solutions for records
management, data
management, document
management, data center management and secure
shredding help organizations to lower storage costs, comply with
regulations, recover from disaster, and better use their information .
Founded in 1951, Iron Mountain stores and protects billions of
information assets, including business documents, backup tapes,
electronic files and medical data. Visit www.ironmountain.com
for more information.
Source: Iron Mountain