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Neo Announces Agreement to Sell its Quapaw, Oklahoma Rare Metals Facility
Neo Announces Agreement to Sell its Quapaw, Oklahoma Rare Metals Facility Canada NewsWi...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n\n\n\n Neo Announces Agreement to Sell its Quapaw, Oklahoma Rare Metals Facility\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Sale to further simplify and streamline Neo's operations and infrastructure\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n Aug. 6, 2024\n \n\n /CNW/ - Neo Performance Materials Inc. (\"\n \n Neo\n \n \" or the \"\n \n Company\n \n \") (TSX: NEO) announced today it has entered an agreement to sell its equity ownership interest (the \"\n \n Transaction\n \n \") in Neo Rare Metals (\n \n Oklahoma\n \n ), LLC (\"\n \n\n Quapaw\n \n\n \") to\n \n Kevin Reading\n \n , the current General Manager and co-founder of the facility (the \"\n \n Purchaser\n \n \"). This Transaction continues Neo's drive to simplify its business globally by focusing on portfolio assets that reflect the Company's scale and growth ambitions in a competitive global business environment.\n \n\n\n\n\n\n\n\n\n\n Key Highlights:\n \n\n\n\n The Purchaser has agreed to purchase Neo's 80% equity interest in\n \n Quapaw\n \n in consideration for an aggregate cash purchase price equal to\n \n US$1.4 million\n \n plus cash on closing, subject to normal closing adjustments, which represents a 9.0x multiple of trailing twelve months of the EBITDA\n \n i\n \n of the facility.\n \n\n The Transaction is part of Neo's operational transformation and production optimization commitment to simplify global operations.\n \n\n The Transaction includes a five-year agreement for the purchase by\n \n Quapaw\n \n of gallium and indium from the Company's in recycling facility\n \n Peterborough, Ontario\n \n as well as for the processing and transfer of gallium scrap to the Company's\n \n Peterborough\n \n recycling facility.\n \n\n\n\n \"We continue Neo's global trans...