NEWSBREAK - Pacorini Metals to change name to Access World from July 1

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Vicky Chenvicky.chen@fastmarkets.comPhysicals Reporter+44 (0) 20 7337 2141

London 10/06/2016 - Pacorini Metals AG will change its name to Access World from July 1 this year as the warehouse company expands beyond metals into other areas, it said.

The company provides logistics services and warehousing for a growing range of products including soft commodities, lumber, paper and pulp, project cargo, ferroalloys and concentrates, it said in a press release on Friday.

"As our global footprint has grown not only in terms of locations but also in terms of services offered and products handled, we came to the conclusion that it's not just about metals," it added.

"Pacorini's business is not only primarily involved with metals - it has also expanded into other commodities," a source close to the matter said. "Removing the word 'metals' would be beneficial for diversification."

But there will be no change to Pacorini's current structure, shareholders, contracts or employees, the source added. As well, the company's name in Chinese will remain "Li zi tang" for its warehouses in Shanghai's bonded zone.

Pacorini has been making a big push into other commodities such as the handling and storage of ferroalloys while its traditional LME business is becoming less attractive amid stricter and more complicated rules, FastMarkets reported last year. 

The company has a dedicated terminal for ferroalloys in Vlissingen that includes several sheds as well as crushing, storing and packing facilities.

In July 2013, it bought South Africa-based warehouse and logistics operator Access Freight, with the view of getting a share of the increasingly attractive copper business in Africa.

"We decided that the name Access World best reflects what we offer as a company. We have taken the name from our African business, leaning on its long and successful track record," it said in the release. 

As well, the decision to change name might also stem from a desire not to be cause confusion with the similarly named Pacorini Global Services (PGS), sources suggested.

PGS, founded in 1933 in Trieste by the Pacorini family, was mainly involved in coffee. In September 2010, it sold the metals part of the business to Glencore International - this branch became Pacorini Metals AG.

It changed its name from Pacorini Group in early 2015 and is currently listed on the London Metal Exchange (LME) but its main business is non-LME warehousing and logistics.

(Additional reporting by Perrine Faye, edited by Mark Shaw)



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