AMR Technologies Inc., a leading producer of performance materials announced today that it has been awarded a supply contract by Cleveland, Ohio based Ferro Corporation valued at a minimum of US$2 million over the initial 20-month term. AMR expects that in addition to the sales to Ferro, it will gain significant additional benefits through product mix optimization and incremental co-product sales beyond the amount of the contract.
Under the terms of the agreement, AMR will produce a high-grade rare earth intermediate compound used in electronics industry applications for Ferro from its ZAMR factory in China. AMR expects to begin shipment of this product in the second quarter of 2005.
“This contract further demonstrates our expertise and ability in the development and production of high quality materials for leading edge companies such as Ferro in a growing rare earth market,” noted Peter V. Gundy, Chairman and CEO of AMR Technologies. “This project is an example of how our customers can leverage AMR‘s strong position in China to facilitate their own China entry strategies.”
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