Neo Performance Materials acquires magnet manufacturer SGTechnologies

by | 20. Apr 2023 - 14:04 | Economy

Neo Performance (Neo), which specializes in the production of metal alloys and rare earth magnets, is strengthening its expertise in the field of magnet production through the acquisition of SG Technologies Group (SGTec). With this acquisition, Neo believes it is well equipped to meet the growing demand for high-performance magnets made of rare earths and other high-tech materials for use in electromobility and sustainable energy generation.

Neo’s subsidiary Neo Magnequench has been supplying SGTech with magnetic powders for more than two decades, and the Toronto-based company is accordingly confident of the growth potential offered by the transaction. Neo is also pushing ahead with vertical integration in other areas, for example through its own planned raw material production and the expansion of its rare earths separation plant in Sillamäe, Estonia.

Photo: iStock/colematt

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