LONDON, Jan 15 (Reuters) - Commodity trading giant Trafigura said on Wednesday its metal warehousing unit NEMS is to be fully integrated into the trade house’s global terminal business and they will expand into new markets under one name.
North European Marine Services (NEMS), set up in 1993 as a London Metal Exchange (LME) warehouse operator, will be absorbed into Trafigura’s global terminals operator Impala by the end of this month and the NEMS name retired.
“Expansion is definitely part of the plan,” NEMS head Charles Bucknell, who will become Impala’s head of LME warehousing and director of business development, told Reuters.
Africa and Latin America are particular targets for expansion, he said.
He declined to comment on whether Impala would be interested in buying JPMorgan Chase & Co’s Henry Bath metals warehousing unit.
Trafigura bought NEMS in 2010 and later consolidated all into Impala, although both operated as independent units.