Marex acquires recycled metals company Global Metals Network
July 3, 2023Marex today announces that it has acquired Global Metals Network (‘GMN’), the recycled metals market maker based in Hong Kong.
GMN serves high-quality clients predominantly based across Asia, and brings further regional expertise and coverage to Marex’s existing offering in recycled metals.
Providing environmental products that support the transition to a low carbon economy is a significant growth opportunity for Marex. In 2022 Marex generated $26m in revenue from environmental products. Acquiring GMN will increase client coverage, expand supplier networks, and also deliver revenue growth.
The acquisition of GMN is another step in Marex’s strategy to increase the scale, diversification and global footprint of its environmental products offering. Marex has a strong track-record of acquiring businesses and enabling them to grow. The acquisition of GMN reflects Marex’s ambition to become a leading provider of environmental commodities.
Ian Lowitt, CEO of Marex, commented:
“Our commitment to supporting our clients as they navigate the transition to a low-carbon economy continues to be a core priority for Marex, and the acquisition of GMN bolsters our extensive offering in environmental products. The GMN team bring regional expertise, a strong client base across Asia and a risk profile that is complementary to the standards we set at Marex. It is a good strategic fit with our existing recycled metals business, Tangent, and I am excited by what we will achieve with an enhanced global footprint in such an important and growing sector.”
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