News Article
Neo inaugurates gallium tri-chloride plant in Korean Republic
This manufacturing plant is now operational and is situated in the heart of Korea's booming LED industry
Neo Material Technologies Inc. (Neo) has officially opened its gallium tri-chloride production facility in Hyeongok Industrial Zone, in the Republic of Korea.
Following the Company’s acquisition of an 80% ownership in Oklahoma-based Gallium Compounds in August 2011, Neo initiated the design and construction of a new facility in Korea, utilising Gallium Compounds' technology for the production of gallium tri-chloride in Asia.
This second manufacturing facility is now operational and is strategically situated in the heartland of Korea's booming LED industry. This new plant will supply Asian markets as well as serve as a back-up for the plant located in Quapaw, Oklahoma. Neo owns 80% of this new production facility with the remaining 20 percent owned by the founders of Gallium Compounds, Greg Evans and Kevin Reading.
"We are extremely pleased with the progress we have made in the gallium tri-chloride market since acquiring a majority stake in Gallium Compounds," says Geoff Bedford, Executive Vice President and COO. "Our ability to have this new, state-of-the-art plant in operation within seven months is a testament to our ability to execute quickly in a high growth market. This is an important step in our growth strategy for rare metals."
Neo is a producer, processor and developer of many materials that are used in many of today’s high technology products. These include rare metals products such as gallium, which are used in the wireless, LED, flat panel and solar industries.
