Neo Performance Materials Inc. (“Neo” or the “Company”) (TSX: NEO) (OTCQX: NOPMF) today announced the signing of a multi-year Memorandum of Understanding with Robert Bosch GmbH (“Bosch”), a leading global supplier of technology and services.
Given this extended supplier partnership and in conjunction with Neo’s new capacity launch planning, Neo will reserve significant annual magnet production capacity for its customer Bosch, with a clear mutual target for both partners to transition the capacity reserve into definitive projects.
By reserving capacity with Neo, Bosch is taking a proactive step to ensure a stable supply chain network and to foster supply chains that develop localized production, through competition and innovation. For Neo, a commitment like this from a global technology leader continues to hasten the roadmap to plan and optimize the design and construction of the next phase of its magnet manufacturing facility in Estonia. This further solidifies Neo’s role as a strategic supplier-of-choice for magnets both to automotive applications and beyond.
“Entering this extended partnership with Bosch is an important step in building a resilient and sustainable supply chain for our customers,” said Rahim Suleman, President and CEO of Neo. “This secures a significant portion of our future production and speaks to our strategy of prioritizing partnerships with the world’s largest and most innovative companies.”
About Neo Performance Materials
Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo’s advanced industrial materials – magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals, and alloys – are critical to the performance of many everyday products and emerging technologies. Neo’s products fast-forward technologies for the net-zero transition. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. Neo is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, United States; Singapore; and Beijing, China. Neo has a global platform that includes manufacturing facilities located in China, Germany, Canada, Estonia, Thailand and the United Kingdom, as well as a dedicated research and development center in Singapore. For more information, please visit www.neomaterials.com.
Source: Neo Performance Materials, Inc.
