Magnequench Grows Magnet Business through Two Acquisitions
22 August 2000
Magnequench Grows Magnet Business through Two Acquisitions
ANDERSON, Ind.--Aug. 22, 2000--Magnequench, Inc. announced today it has entered into definitive agreements to acquire two businesses: Ugimag's rare earth business from Carbone Lorraine Group and Widia's Industrial Magnets Business of Milacron Inc. Ugimag's rare earth business is a world class supplier of high-energy permanent magnets and magnetic sub-assemblies for computer peripherals, automotive, and industrial applications. The most prominent application is for the disk drive industry. Widia Magnet Engineering supplies a broad range of magnetic materials, as well as a line of soft magnetic material."These acquisitions will significantly strengthen and broaden our line of permanent magnetic materials and perfectly complement our existing business, both from a product and a geographic viewpoint," said Archibald Cox, Jr., president and CEO of Magnequench. Mr. Cox also said, "We expect to significantly expand the acquired businesses in the immediate future. Furthermore, our strength in sourcing rare earth materials combined with the many other resulting opportunities, will improve our global competitiveness."
The senior management of the Ugimag and Widia acquired businesses said, "Customers will benefit from the resulting company's sole focus on magnetic products. The perfect synergy between the companies will create completely new capabilities to support current and future customers' requirements. Together, we will revolutionize the development of optimized magnetic solutions."
Ugimag's rare earth business specializes in sintered samarium-cobalt and neodymium-iron-boron magnets, particularly for the disk drive industry and for automotive and industrial applications. Ugimag has industrial facilities in the United States, Singapore, Switzerland and the United Kingdom. Widia Magnet Engineering, located in Essen, Germany, is the leader in Europe and North America in the rapidly growing market for producing bonded magnets through injection molding.
Upon completion of the acquisitions Magnequench will have approximately 1,500 employees in seven countries worldwide.
Magnequench is the leading producer of neodymium-iron-boron magnetic materials, which provide superior magnetic energy for products in many global markets. NeoMag(TM) brand of permanent magnets from Magnequench deliver leading technical innovation for applications demanding high-energy and improved efficiencies. Magnequench is the producer of MQP(TM) neodymium-iron-boron isotropic powders used for making bonded magnets. Headquartered in Anderson, IN, Magnequench is an ISO 9002 Certified provider of global end-to-end magnetic solutions. For more information on Magnequench, the products or services, log onto www.magnequench.com or call 888-335-0258 within the USA or (1) (765) 648-5000 from international locations:
Magnequench World Wide Web site at www.magnequench.com