Trading services giant StoneX Metals has acquired West Midlands precious metal recovery and refinery firm JBR.
StoneX said the deal would enable it to offer end-to-end management of metal trading from supply to delivery.
The subsidiary of New York based StoneX Group said the agreement would also help it meet growing global demand for recycled silver.
JBR, based in West Bromwich, is a processor of materials containing silver, gold and other platinum group metals. Founded in Birmingham’s Jewellery Quarter in the 18th century, the firm produces more than 250 tonnes of silver per year.
StoneX global head of metals Michael Skinner said the deal marked an “historic moment”.
“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,” he added.
“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 at JBR Recovery, added: “JBR has grown from strength to strength over recent years and the acquisition by the StoneX group is a momentous chapter in our history.
“There are many synergies between both companies, and I look forward to working closely with the StoneX Metals team over the coming months.”