Investment in metal recycler NEO Hardware expands portfolio in Asia
Düsseldorf, 18 December 2024 – The REMEX Group, with its head office in Düsseldorf, 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 November 1, 2023.s.
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. specializes 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 locations 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 substantially 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: “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.
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.
Press photo: NEO Managing Director Xindi Wang and the shareholders of the Neo family Lim Yan Yan and 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 (from left to right)
The image for this press release is available here in high resolution: picture 1
About REMEX
REMEX spezialises in the professional management of mineral waste and the recovery of the resources it contains. The company is based in Düsseldorf and operates in both Europe and Asia. The activities of REMEX GmbH and its more than 30 subsidiaries and associated companies cover all areas associated with mineral management – from logistics and processing to subsequent recycling or disposal. Focus is on the production and provision of secondary construction materials and recycled metals, land remediation, soil treatment, underground stowage and landfill management. With its recycling activities, REMEX demonstrably reduces the consumption of gravel, sand and natural stone and improves the carbon footprint of metal production. The company is an international leader in the development of pioneering recycling technologies and is one of the largest manufacturers of secondary aggregates in Europe. REMEX is part of the global REMONDIS Group.
Contact and further information
REMEX GmbH
Dipl.-Ing. Astrid Onkelbach, MSc
Head of Marketing and Communications
Am Fallhammer 1
40221 Düsseldorf
Telefon: +49 211 17160-190
astrid.onkelbach@remex.de // remex.de
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