20.9 C
Supported byspot_img

Europe’s First permanent magnet plant based in Estonia

Member of Europium Groupspot_img
Supported byspot_img

They say in tough times it makes sense to make acquisitions and expand the business ready for the cyclical upturn that inevitably follows. Well, that is what today’s company is doing with a new acquisition, a new investment, and the commencement of construction of a new permanent magnet facility.

Neo Performance Materials Inc. 

Neo Performance Materials manufactures advanced industrial materials including magnetic powders and magnets, specialty chemicals, metals, and alloys. These products are critical to the performance of many everyday products and emerging technologies.

Supported by

Neo has recently acquired 90% of SG Technologies Group Limited, invested to acquire 44% of Neo North Star Resources, and completed the groundbreaking for a new permanent magnet manufacturing plant in Narva, Estonia. They also delivered a record Q2 2023 revenue of US$170.4 million, albeit with lower adjusted net income for the quarter.

SG Technologies Group Limited’s 90% acquisition

As announced on April 18, 2023, Neo has agreed to acquire 90% of SG Technologies Group Limited (“SGTec“) for “an initial payment of £10.8 million (US$13.4 million) plus future earn-out considerations of between 0 and £5.4 million (US$6.7 million) based on Adjusted EBITDA performance over the SGTec’s fiscal years 2024 through 2026.” SGtec is one of Europe’s leading advanced, specialty manufacturers of rare earth and other high performance magnets. The announcement stated:

“Today, SGTec produces a variety of high-performance magnets and magnetic assemblies for some of the world’s leading brands in electric and hybrid vehicles, multi-fuel and medium-duty engines, hydrogen fuel cell vehicles, off-highway fuel systems, automotive systems, and consumer electronics. It is recognized as a leader in the production of fully dense bonded neodymium-iron-boron (“NdFeB”) magnets, soft magnetic composites (used in high-speed solenoids and electric motor applications), and other high-performance magnets.”


Source: investor news

Supported byElevatePR Digital

Related News

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...

Critical Materials Act: Europe’s strategy for securing green technology supply chains

In May 2024, the EU Critical Raw Materials Act (CRMA) came into force, setting ambitious benchmarks for the domestic production and diversification of strategic...

Critical materials and the path to resilience: Europe’s quest for technological independence

The sustainability and resilience of modern economies hinge critically on the availability and management of key raw materials, such as lithium, cobalt and nickel....
Supported by
Supported by
Supported by
error: Content is protected !!