We are pleased to announce that, on Tuesday 18th April 2023, Neo Performance Materials (Neo) acquired a 90% interest in SG Technologies Group Ltd (SGTec).
This news comes after a long and collaborative partnership between SGTec and Neo dating back more than 20 years. It puts SGTec at the centre of Neo’s ambitious growth plans in the European market for advanced magnetic products, and marks the beginning of an exciting new chapter for both companies.
The acquisition will expand Neo’s rare earth processing and magnet manufacturing footprint in Europe in strategic alignment with the Company’s plans to launch production in 2025 of sintered rare earth magnet manufacturing in Estonia for the electric vehicle, electronics, energy-saving specialized motor applications markets, and other high-growth-potential nascent technology applications that are critical to the current global energy transition.
More information on Neo can be found here: Neo Performance Materials
“I am very pleased to welcome the many outstanding engineers, scientists, and professionals at SGTec into Neo’s global team, whose decades of experience, know-how, and leading-edge R&D will unlock unique synergies working as a unit with our world-class magnetics division,” said Constantine Karayannopoulos, CEO and Director of Neo. “This combination is highly complementary to Neo as we continue to move up the value stream. It expands our magnet manufacturing and product development footprint in Europe. It brings us in closer proximity to key customers in Europe, which facilitates more efficient production supply chains. Finally, this combination will help us increase our exposure to new markets and high-growth applications.”
SGTec will operate as a division of Neo Magnequench
“Neo Magnequench has served as a proud supplier of magnetic powders to SGTec for more than two decades, and we recognize the significant value and growth potential that SGTec brings to Neo Magnequench,” added Greg Kroll, Neo Executive Vice President and head of the Company’s Magnequench business unit. “SGTec is known in the industry for its decades-long uninterrupted track record of R&D commercialization and reputation for its exceptional product quality, its technical skill and ability to meet extraordinarily challenging tolerances and performance specifications, and its creativity and product innovation. The SGTec team will very nicely augment the skill sets of our teams at Magnequench and help us to accelerate our effort to serve rapidly growing markets across Europe and elsewhere.”
About Neo Performance Materials
Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo’s advanced industrial materials – magnetic powders and magnets, specialty chemicals, metals, and alloys – are critical to the performance of many everyday products and emerging technologies. Neo’s products help to deliver the technologies of tomorrow to consumers today. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. Neo is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, United States; Singapore; and Beijing, China. Neo has a global platform that includes 9 manufacturing facilities located in China, the United States, Germany, Canada, Estonia, and Thailand, as well as one dedicated research and development centre in Singapore.
See here for the full announcement: https://www.neomaterials.com/neo-performance-materials-acquires-leading-european-magnet-manufacturer/
