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Canada's Neo Material Tech takes over US Gallium Compounds
Tuesday 30 August 2011

30 August 2011 - Canadian magnetic materials producer Neo Material Technologies (TSE:NEM) said today it had bought 80% in US-based gallium products maker Gallium Compounds LLC for at least USD6.5m (EUR4.5m).

In addition to the purchase price, Neo Material may also pay a performance-based earn-out, it said in a press release.

The buyer intends to expand the acquired business of gallium tri-chloride production into South Korea by building a new manufacturing facility in the Hyeongok industrial zone. The material is used in the production of light emitting diodes (LEDs).
Date Published: 30/08/2011
Target: Gallium Compounds LLC
Country: USA
Deal Size: 6.4m (USD)
Sector: Metals/Mining
Type: Corporate acquisition
Status: Closed
Buyer: Neo Material Technologies Inc