Ferro Joint Venture in China to Supply Rare-Earth-Based Compounds for Glass Polishing Market
Ferro Corporation (NYSE: FOE) announced today that it has entered into joint venture agreement with Baotou Jin Meng Rare Earth Co., LTD, a refiner of rare earth materials in Baotou, China.
The joint venture business, Ferro Jinmeng (Suzhou) Polishing Materials Co., Ltd, will focus on the manufacture and sale of cerium oxide-based polishing materials in China. These ultra-fine, highly engineered materials are used to polish LCD glasses and cover glasses of electronic devices such as smart phones and tablet computers. Ferro will hold a majority ownership interest in the business.
Baotou Jin Meng Rare Earth Co., LTD will provide access to high-quality rare earth compounds from its refining operations in Baotou, while Ferro's Surface Technologies business will bring its manufacturing technology, market and applications requirement knowledge to the new business venture. The business will be registered in Suzhou, China. Manufacturing will take place in Suzhou Office Park, where Ferro has state-of-the-art manufacturing facilities. The joint venture project is subject to approval by regulatory authorities. Ferro expects manufacturing to begin in the second half of 2012.
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