• DTS.USA
    5.829
    -0.005
    -0.1%
  • NTI.USA
    2.860
    0.010
    0.4%
  • NTID.USA
    2.820
    -0.040
    -1.4%
  • NTIDL.USA
    1.930
    -0.030
    -1.5%
  • OTRI.USA
    7.990
    0.040
    0.5%
  • OTVI.USA
    12,810.370
    100.000
    0.8%
  • DTS.USA
    5.829
    -0.005
    -0.1%
  • NTI.USA
    2.860
    0.010
    0.4%
  • NTID.USA
    2.820
    -0.040
    -1.4%
  • NTIDL.USA
    1.930
    -0.030
    -1.5%
  • OTRI.USA
    7.990
    0.040
    0.5%
  • OTVI.USA
    12,810.370
    100.000
    0.8%
BusinessE-commerce & FulfillmentFulfillmentModern ShipperNewsRecent NewsTop Stories

Malaysian logistics company buys Glencore’s metals warehousing business for $177M

Switzerland-based business acquired by Infinity Logistics and Transport Ventures

In the latest global warehousing bid, Malaysia-based Infinity Logistics and Transport Ventures has agreed to buy Access World — the metals warehousing business of Glencore, the world’s largest commodity trader — for about $177 million.

The purchase represents a marked expansion for Infinity Logistics, which until now made the vast majority of its revenue — about 72% as of June — from customers in Malaysia and Singapore. But with Glencore’s metals warehousing unit now in the fold, Infinity Logistics will add 300-plus warehouses in over 25 countries, including around 100 locations in the EMEA region and 19 in North America.

Based out of Port Klang, a key touchpoint in the global network of exchange-traded metals, Infinity Logistics specializes in several logistics services, including freight forwarding, railroad transportation, palletizing, labeling and repackaging. The company is listed in Hong Kong and turned in an adjusted profit during the first half of 2021.


Read: CBRE Investment snaps up $4.9B global logistics real estate portfolio

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Infinity’s acquisition of Access World comes as a surprise to many, who speculated that the Switzerland-based business would be bought by a Chinese company. Access World handles about 20 million tons of assets per year, primarily industrial metals and oil and gas, but sources say the operation has been up for sale for some time amid tightening supplies of major industrial metals like aluminum, zinc and copper.

Glencore (OCTUS: GLNCY) purchased Access World in 2010 from Italy’s Pacorini Group, which at the time had warehouses in just five cities but was viewed as a promising investment because of global metal surpluses owing to weak demand after the 2008 financial crisis. 


Watch: Is your warehouse strategy ready?


In 2017, the company came under fire when it was reported to have been part of a massive fraud case that created over $300 million in losses for banks and brokers.

Recently, Glencore has also been selling smaller mines and oil terminals in the U.S. as it looks to simplify its business. Bloomberg reported that the company had been collecting rent on excess inventories during the recent industrial downturn but is ready to cash out.

The deal between Infinity and Glencore is just the latest in a string of transactions involving warehouses, which have quickly become one of the hottest global commodities. In one of the largest sales ever of its kind, CBRE Group purchased a $4.9 billion global logistics real estate portfolio in January, while other players like Blackstone Inc. and Elion have made similar transactions in the past two months.

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Jack Daleo

Jack is a staff writer for FreightWaves and Modern Shipper covering topics like last mile delivery and e-commerce fulfillment. He studied at Northwestern University, majoring in journalism with a certificate in integrated marketing communications. Previously, Jack has written for Backpacker Magazine and enjoys travel, the outdoors, and all things basketball.