Neo Materials Technologies Inc., headquartered in Toronto, Canada, reports that revenues continued to increase for the 9th consecutive quarter, reaching record levels in the 3 month period ended June 30, 2011. Revenues were $216 million for the 2nd quarter of 2011 compared with $133 million for the previous quarter and $79 million for the corresponding quarter in 2010.
Neo Materials Technologies’ Magnequench division is the leading producer of Neo (NdFeB) powders used in the production of high performance permanent magnets, and has an estimated global market share in excess of 80%. The dominant position of Magnequench came about through a number of process and composition patents, which are scheduled to expire by 2014 and which currently make the company the only ‘legal’ supplier of Neo powders for NdFeB magnets made or sold in the USA.
Magnequench shipped 3,396 tonnes of Neo powder in the first 6 months of 2011, about 8% up on the same period in 2010. Revenues for Magnequench in the first half year totalled $121.4 million with a $35.4 million operating income. Neo Materials other division, ‘Performance Materials’, which manufacturers a range of rare earth oxides and salts, saw an almost doubling of revenues in Q2 to $164.8 million compared with $83.5 million in Q1.