Sanchuan Wisdom Technology to acquire 67% stake in Ganzhou Tianhe Permanent Magnetism
2022-06-30 15:45:09 [Print]
On June 28, Sanchuan Wisdom Technology Co., Ltd. announced that it plans to acquire a 67% stake in Ganzhou Tianhe Permanent Magnetism at consideration of RMB214 million (USD31.97 million); when the transaction is completed, Ganzhou Tianhe Permanent Magnetism will become a controlled subsidiary company of Sanchuan Wisdom Technology.
Ganzhou Tianhe Permanent Magnetism is a high-tech enterprise focusing upon recycling and processing of NdFeB scrap. It uses raw materials coming from magnetic material production process, such as oil sludge, offcuts and defective goods, from which it extracts rare earth elements and further produces oxides of PrNd, dysprosium, praseodymium, holmium, gadolinium, terbium and so on. Upon reception of government approval, the target company has built a 3,000tpy NdFeB scrap recycling and processing capacity.
Ganzhou Tianhe Permanent Magnetism is a high-tech enterprise focusing upon recycling and processing of NdFeB scrap. It uses raw materials coming from magnetic material production process, such as oil sludge, offcuts and defective goods, from which it extracts rare earth elements and further produces oxides of PrNd, dysprosium, praseodymium, holmium, gadolinium, terbium and so on. Upon reception of government approval, the target company has built a 3,000tpy NdFeB scrap recycling and processing capacity.
