On November 8th, AHDD Magnetoelectric Co., Ltd. completed the acquisition of 100% equity of Baotou Permanent Magnet Material Co., Ltd. and completed the change of formalities. Baotou Permanent Magnet Co., Ltd. officially became a wholly-owned subsidiary of AHDD.
Baoctou Permanent Magnet Material Co., Ltd. will continue to build a neodymium iron boron production line dedicated to high-performance intelligent manufacturing equipment with an annual output of 3,000 tons and related production workshops, research and development buildings, public and auxiliary facilities, etc., and formally put into production in October 2019.
After the acquisition, the company will further optimize the company's rare earth permanent magnet material industry strategic layout, promote resource integration, create value for customers, and improve the company's overall efficiency.