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Molycorp Buys Rare Earth Processor for $1.3 Billion
2:03 PM MDT | March 14, 2012 | Rebecca Coons
Molycorp (Greenwood Village, CO) says it has agreed to purchase rare earth processor Neo Material Technologies (Toronto) for $1.3 billion, creating a global, vertically integrated rare earth technology leader in a market dominated by Chinese suppliers. Neo posted $800 million in revenue in 2011 and operates 10 production sites in China, Thailand, and North America. The company’s performance materials division produces rare earths, zirconium, and rare metals gallium, indium, and rhenium, which are used in advanced electronics, photovoltaic, aerospace...
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