SAN FRANCISCO (Dec. 6, 2:40 p.m. EST) — Online trading company ChemConnect Inc. has purchased a chemical brokerage company to further its move into plastics and chemicals commodities trading.
The San Francisco-based company bought Universal Chemical Brokerage Ltd., effective Oct. 31, for an undisclosed price. The New York-based brokerage previously offered trades offline through phone lines.
With the acquisition, ChemConnect plans to help the company trade commodities online over the new Commodities Floor section of its Web site.
The Commodities Floor, launched publicly in October, allows pre-approved members to exchange commodity petrochemicals and plastics online through trading hubs in the Netherlands, Singapore and Houston.
Universal Chemical Brokerage clients can post their offers on the site or continue to trade offline.