Investment in metal recycler NEO Hardware expands portfolio in Asia
The REMEX Group, with its head office in Düsseldorf, Germany, is further expanding its business activities in Asia. Through its subsidiary REMEX Minerals Singapore Pte. Ltd., 51 % of the shares in Singapore-based NEO Hardware Pte. Ltd. have now been acquired as part of a share deal. The transaction will take retroactive economic effect from 1 November 2023.
The double-digit million investment complements the service portfolio of the REMEX Group, which has been processing municipal incinerator bottom ash and recycling recovered metals in the city state of Singapore for almost ten years. NEO Hardware Pte. Ltd. specialises in metal recycling and has been operating in this market for around 40 years. Last year, the family-run company traded quantities in the order of 140,000 tons. The metals are received, processed and resold at two sites located in Central and West Singapore. The company’s own extensive fleet of vehicles and machinery enables the direct dispatch of recycled goods within Singapore. Almost half of the quantities traded are exported. Sales markets include India, Indonesia and Malaysia.
The acquisition of NEO expands the REMEX customer base and market penetration in the region. NEO’s trade in recycling metals within South/Southeast Asia offers the opportunity to expand existing business networks and identify further acquisition opportunities in the region. Close cooperation with REMEX Minerals Singapore and REMEX Malaysia also enables synergies to be tapped, particularly in the areas of plant engineering, sales and commercial administration.
Michael Stoll, Chief Executive Officer of REMEX GmbH, says: “The investment in NEO expands our service portfolio in Singapore across the existing value chain. At the same time, it opens up options to further diversify our local operating business, and to enter into the disposal and recycling services for other waste streams.”
The expansion of activities in Asia is one REMEX’s key objectives, with growth in the region being underpinned by strategic investments. In 2021, for example, the company invested in its own high-performance metal processing plant in Tuas, an industrial region of Singapore, which complements the existing processing plant for incinerator bottom ash.
From left: NEO managing director Xindi Wang and the shareholders of the Neo family Lim Yan Yan und Neo Cheng Kang with Michael Stoll, CEO of REMEX GmbH, Venkat Patnaik, managing director of REMEX Minerals Singapore Pte. Ltd. and NEO managing director Neo Jia Le
In terms of NEO’s management, the Neo family appointed Neo Jia Le as managing director. REMEX appointed its long-time employee Xindi Wang as managing director. The German educated materials scientist was previously responsible for the REMEX office in Shenzen, China, and will contribute his Asian sales contacts in Singapore.
Image credits: © REMEX
