SOURCE: Industrial Info Resources

Industrial Info Resources

March 12, 2012 07:15 ET

Rare Earth Producer Molycorp to Acquire Rare Earth Processor Neo Material Technologies in $1.3 Billion Deal, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - Mar 12, 2012) - Researched by Industrial Info Resources (Sugar Land, Texas) -- U.S. rare earth miner Molycorp Incorporated (NYSE:MCP) (Greenwood Village, Colorado) has announced plans to acquire Canadian rare earth processor Neo Material Technologies Incorporated (TSX:NEM) (Toronto, Ontario) in a $1.3 billion deal. The transaction broadens Molycorp's position as a vertically integrated company, responsible not only for rare earth production from the company's flagship Mountain Pass mine in California, but also the development and distribution of rare earth products.

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