StoneX completes acquisition of JBR Recovery's recycling and refining business, to deepen the company's end-to-end metals offering
- JBR Recovery Ltd ("JBR") is one of only two UK companies accredited by the LBMA for the supply of 'Good Delivery' silver to the London Bullion Market
- Acquisition extends StoneX's metals offering into sourcing and refining
NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) -- StoneX Group Inc. (("StoneX", NASDAQ:SNEX), has today announced that one of its subsidiaries, StoneX Metals Limited, has completed its acquisition of JBR's precious metal recovery and refinery business. The acquisition will deepen the StoneX group's already market leading metals offering, by allowing it to own a significant part of the supply chain, as well as meet the growing global demand for recycled silver.
JBR is a processor of materials containing silver, gold and other platinum group metals (PGM). It specialises in the reuse and recycling of secondary or waste materials which it then processes and produces Good Delivery silver bars.
JBR is one of only two UK companies accredited by the LBMA for the supply of 'Good Delivery' silver to the London Bullion Market, producing more than 250 tonnes of silver per annum. The original business was founded in Birmingham's Jewellery Quarter and has ties to the precious metal refining and recovery industry since the 18th century.
The acquisition will expand the StoneX group's precious metals business to include the owning and refining of precious metals for the first time, enabling end-to-end management of metal trading from point of supply, production, and authentication through to the sale and delivery to the end client.
Michael Skinner, Global Head of Metals, StoneX, commented: "This acquisition marks a historic moment for the StoneX group and its metals business. The acquisition of JBR is testament to the continued commitment of StoneX in furthering our offering in this market and providing our clients with a full end-to-end service and building our metals ecosystem. We will be working closely with the JBR team to ensure we continue to build on its strong reputation and hundreds of years of service in this market."
Simon Meddings, Managing Director, JBR Recovery, commented: "JBR has grown from strength to strength over recent years and the acquisition by the StoneX group is a momentous chapter in our history. The acquisition will aid further business growth and opportunity, enabling the offering of an enhanced service and product line to existing and new global customers. There are many synergies between both companies, and I look forward to working closely with the StoneX Metals team over the coming months. We are proud to be part of the StoneX group."
About StoneX
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The group strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,400 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 40 offices spread across five continents. Further information on the StoneX group is available at www.stonex.com.
About JBR
JBR Recovery Ltd. is a UK-based company specializing in the recovery and refining of precious metals, particularly silver. Founded in 1760, it processes secondary materials, to extract metals like silver, gold, platinum, and palladium. Located in West Bromwich, JBR is one of the few companies certified by the London Bullion Market Association (LBMA) for producing high-quality, "Good Delivery" silver bars with a minimum purity of 99.9% which are subsequently traded OTC on the global precious metals market.
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