By Cameron Chai
Neo Material Technologies, a producer and developer of rare earths, neodymium-iron-boron magnetic powders and zirconium based engineered materials, has opened a gallium tri-chloride manufacturing facility in Hyeongok Industrial Zone, Korea.
This is the company’s second manufacturing plant, which is currently under operation. Followed by the purchase of an 80% ownership in Gallium Compounds, based in Oklahoma, California, in August 2011, the company started the design and construction of the Korean plant. The plant usesGallium Compounds' advanced technology to manufacture gallium tri-chloride in Asia. The plant will supply materials for the Asian markets and will also serve as a back-up for the manufacturing facility in Quapaw, Oklahoma.Neo Material Technologies owns 80 % of the Korean facility, while the remaining 20 % is owned by Gallium Compounds’ founders,Kevin Reading and Greg Evans.
The Executive Vice President and COO of the company, Geoff Bedford, stated that since the acquisition of a majority share in Gallium Compounds, they have made a significant progress in the gallium tri-chloride market. He added that the establishment of the new plant demonstrates a major step in the company’s growth strategy in the area of rare metals. Rare metals products from Neo Material Technologiesare mostly used in the catalyst, solar, turbine, flat panel, LED and wireless industries.