Neo Performance Materials: Names New President; Acquires SG Technologies in UK, and Rare Earths Exploration License in Greenland
Neo Performance Materials, considered a bellwether of the permanent magnetics industry, has named a new president in concert with the upcoming retirement of its CEO and long-time leader Constantine Karayannopoulos and, in rapid succession, recently consummated two deals that further its mines-to-magnets vertical integration strategy:
By acquiring SG Technologies Group Ltd (SGTec) in the UK, Neo moved further up the value chain and expands its specialty manufacturing footprint in Europe to better serve rapidly growing magnet demand from the electric vehicles, electronics and clean energy industries.
In Greenland, it progressed another step in developing its own rare earths mine as the government approved transfer of an exploration license from Hudson Resources of Canada, clearing the way for Neo to acquire it. […]