Oaktree's Neo Performance to acquire assets of Asia Magnets
Neo Performance Materials Inc (TSX: NEO) has agreed to acquire the assets of Asia Magnets, a Chuzhou, China-based maker of compression-moulded neodymium-iron-boron (NdFeB) magnets, for about US$9.9 million plus working capital. The purchase is being made by Magnequench, the Asian affiliate of Neo, a Toronto-based maker of rare-earth and rare-metal-based functional materials. Neo said the transaction will enable its production of NdFeB magnets for automotive, home appliance and other markets. Earlier this year, Luxfer Holdings PLC's proposed acquisition of Neo was terminated. The deal was supported by Oaktree Capital Management, Neo’s largest shareholder.
15 July 2019•4 mins read
