Neo Performance Materials Inc. announces that, due to increased demand, its Magnequench segment intends to significantly expand its capacity to produce compression-molded NdFeB (“neodymium-iron-boron”) magnets and assemblies, used in the automotive, electronics, home appliance and other industries.
Magnequench plans to expand its existing MQ1 compression-molded magnet production capacity at the two existing facilities where it currently manufactures these products: Tianjin and Chuzhou, China. Magnequench is the only supplier in the world that produces NdFeB magnetic powders and compounds, as well as compression molded NdFeB magnets and assemblies at multiple locations.
“Requests from all over the world for MQ1 compression molded magnets have sharply increased since the initial expansion of our magnet production capacity with the acquisition last year of the SAMAG facility in Chuzhou,” said Greg Kroll, Executive Vice President of Magnequench. “Our commitment to expand capacity at both of our magnet production facilities reflects this increased demand and our commitment to serving our customers’ growing businesses.”
“This increase in demand for Magnequench’s value-added NdFeB magnetic materials underscores the market confidence in the precision, quality, product development capabilities, and customer service that Neo provides to its customers,” said Constantine Karayannopoulos, Neo’s President and CEO. “It signals a welcome upward trend in demand for Magnequench magnets across multiple markets.”
Neo’s investment in this expansion is approximately US$5 million and it is expected to be complete by late September 2020.
