TORONTO, Aug. 20, 2024 /CNW/ - Neo Performance Materials Inc. ("Neo" or the "Company") (TSX: NEO) announced today that it has entered into agreements (the "Transactions") to sell (i) 86% equity interest in Jiangyin Jiahua Advanced Material Resources Co., Ltd. ("JAMR") to Shenghe Resources Holding Co., Ltd ("Shenghe") for approximately USD $25.6 million cash; and (ii) 100% of the equity in Zibo Jiahua Advanced Material Resources Co., Ltd. ("ZAMR") to Shenghe for approximately USD $4.1 million cash. JAMR sales proceeds represent a 10.7x multiple on average trailing five-year EBITDA for the facility. The ZAMR facility was valued using an asset-based approach, as the facility was closed in the second quarter of 2024.
Read more at newswire.caNeo Announces Agreement to Sell Majority Equity Interest of China Rare Earth Separation Assets for USD $30 Million in Cash
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