25 April 2012

Neo Material Technologies Opens Gallium Tri-Chloride Plant in the Republic of Korea

Neo Material Technologies Inc of Toronto, Canada (which produces neodymium-iron-boron magnetic powders, rare earths and zirconium-based engineered materials, as well as other rare metals and compounds via its Magnequench and Performance Materials divisions) has officially opened its gallium tri-chloride production facility located in Hyeongok Industrial Zone, Republic of Korea.

In August 2011 Neo Material Technologies acquired 80% of Oklahoma-based Gallium Compounds. The new facility, which is now operational and is strategically situated in the heartland of Korea's booming LED industry, will utilize Gallium Compounds' technology for the production of gallium tri-chloride in Asia. As well as supplying Asian markets, the facility will also serve as a back-up for the plant located in Quapaw, Oklahoma. Neo Material Technologies owns 80% of this new production facility, with the remaining 20% owned by the founders of Gallium Compounds, Greg Evans and Kevin Reading.

"We are extremely pleased with the progress we have made in the gallium tri-chloride market since acquiring a majority stake in Gallium Compounds," said Geoff Bedford, executive VP and COO. "Our ability to have this new, state-of-the-art plant in operation within seven months is a testament to our ability to execute quickly in a high growth market. This is an important step in our growth strategy for rare metals."

See related items:

Neo Material acquires 80% stake in Gallium Compounds

Neo Material to acquire Recapture Metals

Tags: Neo Material Technologies Gallium

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