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Pallion is said to provide precious metal products and services across the whole supply chain
Pallion is said to provide precious metal products and services across the whole supply chain
 










Surprise merger forms largest Aussie metals provider

Palloys Group has merged with ABC Bullion to create what is believed to be the largest precious metals service provider in Australia.

The new entity, trading under the name Pallion, includes Palloys Group’s five subsidiaries as well as metal and gold bullion dealer ABC Bullion. It is said to be the only company located in Australasia that provides the “full spectrum” of metal products and services, from mine to market.

Palloys Group managing director Andrew Cochineas, who has now been appointed Pallion CEO, explained, “The aim of Pallion is to give our clients the benefit of our combined expertise in casting, CAD/CAM, custom jewellery and findings production, precious metal refining and bullion distribution.”

He added that the decision to combine operations was a “natural fit”.

Palloys Group and ABC Bullion had worked together since 2007 and began sharing a facility in Perth in January this year. They were also joint owners of two businesses – Custodian Vaults and EBS Refinery – that now fall under the Pallion umbrella.

Industry benefits
According to Cochineas, the merger provides those working in the jewellery industry with the competitive advantage of dealing directly with one company throughout the whole supply chain.

“The added benefit now is that our expanded size and corporate strength gives our clients unrivalled security coupled with the ability to offer financial options tailored to suit their individual situation,” he explained.

(L-R) Pallion directors Frank Gregg, Janie Simpson and Phillip Cochineas, with Pallion chief operating officer Paul Cochineas and CEO Andrew Cochineas
(L-R) Pallion directors Frank Gregg, Janie Simpson and Phillip Cochineas, with Pallion chief operating officer Paul Cochineas and CEO Andrew Cochineas

“The added benefit now is that our expanded size and corporate strength gives our clients unrivalled security coupled with the ability to offer financial options tailored to suit their individual situation,” he explained.

While Cochineas admitted that globally, precious metal demand in 2014 was down from previous years, he said Palloys Group had experienced a general increase in demand for precious metal-related product and predicted further demand for finished custom jewellery and bullion.

“The merger ensures that we have the scale to continue to provide the latest in technological innovation at best value,” he added.

The new company incorporates the following businesses: ABC Bullion, Palloys, AGS Metals, P.J. Williams, Regentco and GoldenAge International, Custodian Vaults and EBS Refinery, which has been renamed ABC Refinery.

Cochineas said there had been no major staff movements as a result of the move, and according to a company statement, “Each [subsidiary] continues to trade independently as specialists in their field of expertise [but] under the terms of the merger, the combined group’s services are available at every Pallion office throughout Australia, Hong Kong and mainland China.”

In addition to its Sydney headquarters, Pallion has distribution offices in Melbourne, Brisbane, Perth, Hong Kong and mainland China. The company also has manufacturing facilities in Australia, Hong Kong and mainland China.

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Sunday, 22 July, 2018 12:45pm
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