News: Suppliers
2 January 2025
Neo completes sale of Rare Metals facility in Quapaw, Oklahoma
Neo Performance Materials Inc of Toronto, Canada has completed the sale of its equity ownership interest in Neo Rare Metals (Oklahoma) LLC in Quapaw, OK, USA – which produces gallium trichloride – to the facility’s general manager & co-founder Kevin Reading.
The purchaser acquired Neo’s 80% equity interest in Quapaw for US$1.5m. The transaction also includes a seven-year agreement for the purchase by Quapaw of gallium from Neo’s recycling facility in Peterborough, Ontario, as well as for the processing and transfer of gallium scrap to the Peterborough recycling facility.
Completion of the transaction is a key step in Neo’s operational transformation, as it continues to streamline its business globally and optimize its asset portfolio to support its long-term scale and growth ambitions.
“With the completion of this sale, Neo is well positioned to reinforce our core operations to maximize shareholder value,” reckons Neo’s president & CEO Rahim Suleman. “We look forward to continuing our partnership with the entrepreneurial owner-operator team at Quapaw.”
Neo selling rare metals gallium trichloride plant in Quapaw, Oklahoma
