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Neo Performance Materials Announces Closing of Asia Magnets Acquisition
Neo Performance Materials Announces Closing of Asia Magnets Acquisition Canada New...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n\n\n\nNeo Performance Materials Announces Closing of Asia Magnets Acquisition\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 26, 2019\n\n\n\nTORONTO, Aug. 26, 2019 /CNW/ - Neo Performance Materials Inc. (\"Neo\", the \"Company\") [TSX: NEO] is pleased to announce that it has completed the previously announced acquisition of the assets of Anhui Asia Magnets Co., Ltd. (\"SAMAG\"), a privately-owned manufacturer of compression molded neodymium-iron-boron (\"NdFeB\") bonded magnets.\nAmong the assets acquired is a new production facility in Chuzhou, China (west of Shanghai), which was built in 2016 and recently enhanced by a US$2.9 million capacity expansion, including the installation of new manufacturing equipment and additional production footprint.  This acquisition will allow Neo's Magnequench business unit to accelerate its strategy to expand into compression molded magnet production.\nThe purchase price of SAMAG's assets was 68.5 million RMB (US$9.7 million), plus working capital.\nSAMAG was founded by Gao Qingguo, a 20-year veteran of the bonded NdFeB magnet industry, who has joined Neo as General Manager of the Chuzhou facility.\nNeo Magnequench is the global market leader in magnetic powders for high-performance NdFeB magnets, which are critical to supporting the rapid growth of high-efficiency micro motors and sensors used in automobiles, home appliances, industrial automation, and other applications.  NdFeB magnets deliver more power and greater efficiency to these applications, which in turn can reduce operational costs, energy and fuel consumption, and harmful air emissions.\nSource: Neo Performance Materials.  $NEO @NeoMaterials #magnequench #neomaterials #NdFeB #magnets #neodymium #praseodymium #bondedmagnets #SAMAG\nAbout Neo Performance Materials\nNeo Performance Materials is a global leader in the innovation and manufacturing of rare earth- and rare metal-based functional materials, which are essential inputs to high technology, high growth, future-facing industries. The business of the Company is organize...