Tangent Trading, a London-based scrap trading firm, has been acquired by commodities broker Marex Spectron for an undisclosed amount.
Under the agreement, the non-ferrous scrap dealer will continue operating under its current leadership team. Darren Leigh, Tangent’s chief executive officer, and Robert Borland, the company’s director, will join the Marex global metals franchise while continuing their assignments at Tangent, according to a statement by Marex.
Tangent, which has presences in Asia, Europe, and North America, is using this acquisition to expand its global footprint, Leigh said in a statement.
The deal is a part of Marex’s strategy to expand its offerings, especially in the sustainable commodities segment, according to Ian Lowitt, Marex’s chief executive officer. He added that the recycled commodities market was poised for growth and provided many opportunities to develop Tangent’s business.