Molycorp, Inc. (NYSE:MCP) (“Molycorp” or the "Company") announced today that its acquisition of Canadian-based Neo Material Technologies Inc. (TSX:NEM) (“Neo Materials” or "Neo") has officially closed, creating a global rare earth leader with a combination of a world-class rare earth resource, ultra-high-purity rare earth processing capabilities, and full 'mine-to-magnetics' vertical integration.
Today's close of the acquisition follows a 99.9% vote by Neo Materials' shareholders to approve the transaction in a May 30, 2012, Special Meeting; final approval of the Plan of Arrangement ("Arrangement") from Investment Canada on June 8, 2012; and a Final Order to approve the Arrangement, also on June 8, 2012, by the Ontario Superior Court of Justice (Commercial List).
Following the close, Neo Materials' subsidiaries will use the Molycorp corporate logo, with the exception of Neo's Magnequench subsidiary, which will use a Molycorp Magnequench logo. Combined, the companies span 26 locations across 11 countries, and have over 2,600 employees worldwide.
- A map showing the facility locations of Molycorp and its subsidiary companies can be seen here.
- A summary describing the capabilities of the combined companies can be seen here.
- A listing of the elements from which the combined companies will produce high-purity, custom engineered products can be seen here.
“Less than two years after becoming a publicly traded company, Molycorp has now grown into one of the world's leading, vertically integrated, global rare earths and rare metals companies, with what I believe to be an unmatched combination of employees, world-class resources, and ultra-high-purity processing and materials engineering capabilities," said Mark A. Smith, Molycorp’s President and Chief Executive Officer. "Combining Molycorp's and Neo Materials' personnel provides us with one of the most experienced teams anywhere, and one that is second-to-none in its dedication to innovation, excellence, customer service, and our ETHICS." Molycorp's corporate values are known as
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"We now have the broadest global coverage in the industry, and we can immediately access highly specialized niche markets that were not available to us prior to the Neo acquisition," Mr. Smith said. "Our expanded product line in rare earths, particularly in the 'heavies' category, and rare metals, along with our patented technology platform, and our ability to consistently meet demanding customer specifications, will make us a formidable player in these global markets for years to come."