Magnequench’s Neo powders are used to produce bonded magnets, generally used in micro motors, precision motors, sensors, and other applications requiring high levels of magnetic strength, flexibil-ity, small size and reduced weight. Rare earth and zirconium applications include catalytic converters, computers, televi-sion display panels, optical lenses, mobile phones and electronic chips.

The acquisition will expand Moly-corp’s technology portfolio to include production of magnetic powders and rare metals including gallium, indium and rhenium, as well as zirconium oxide. The company’s rare metals prod-ucts are primarily used in the wireless, LED, flat panel, turbine, solar and cata-lyst industries.

“This transaction will link two unique companies, one with a world-class, high-quality resource and the other with world-class rare earth product design and pro-cessing capabilities,” Molycorp President and CEO Mark Smith said. “Neo Materials is recognized throughout the industry for its exceptionally high-quality production and processing capabilities, its patented technology platform, and its ability to consistently meet demanding customer specifications. With this com-bination, Molycorp will be in a unique position to enhance our time to market and provide new global customer seg-ments with rare earth metals, oxides and alloy powders that are unmatched today. We see significant opportunities for growth as well as powerful synergies through this transaction.”