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Tuesday, 19th July 2005 (4193 views)

Greg Manning Auctions is to buy out A-Mark Precious Metals of Santa Monica, California.<br/><br/>The business, which sells rare coins and stamps, and its majority shareholder is an auction house in Spain, is to pay $20 million in cash for the US company.<br/><br/>A-Mark is one of only six companies in the world allowed to buy gold, silver and platinum bullion wholesale directly from the US Mint.<br/><br/>It is hoped that the deal will increase Greg Manning's revenues by nine times, to $2.8 billion a year from $300 million.<br/><br/>A-Mark, which buys and distributes more than half the gold minted by the US Mint, had sales of $2.5 billion last year but generated a profit of only $2 million because of the thin margins associated with the wholesaling of precious metals.<br/><br/>"This will change the face of our company dramatically," chief executive Greg Manning said.<br/><br/>"We have dealt in bullion before, but never on this scale."<br/><br/>He added: "We think we can enhance their profit."<br/><img alt="track" src="http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15007253"/>

 

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