Free Webinar on Low Frequency Electromagnetic Simulation Using CST STUDIO SUITE Version 2012
CST STUDIO SUITE is used to simulate a wide range of applications such as sensors, electromechanical devices, high voltage equipment, transformers and power electronic devices and much more. Advanced features critical to the design process include automatic mesh generation and refinement, special curved and higher order elements, parametric analysis and automatic post-processing, as well as interoperability with third party system simulators.
An important feature in a state-of-the-art simulation tool is the ability to import, modify and parameterize complex CAD and user-defined geometries. 2D models can be easily derived from such a 3D design, where the 2D model is consistent with the original 3D model and includes no extra overhead.
This webinar presents a summary of current and new functionality in CST EM STUDIO 2012, which is demonstrated on practical examples. More information and registration at www.cst.com.
Molycorp Announces Completion of $390 Million Strategic Investment From Molymet
Molycorp, Inc. has announced the closing of its previously announced placement of 12.5 million shares of Molycorp common stock with Molibdenos y Metales S.A. (Molymet), for approximately $390 million.
As previously disclosed, proceeds from the Molymet investment will be used by Molycorp for general corporate purposes and to bolster Molycorp's strategic flexibility, and will likely be used to finance a portion of the cash purchase price of Molycorp’s recently announced acquisition of Neo Materials Technologies, Inc.
Molycorp to Acquire Leading Rare Earth Processor Neo Material Technologies in $1.3 Billion Deal
Molycorp, Inc. and Neo Material Technologies, Inc. have announced the signing of a definitive agreement under which Molycorp will acquire Neo Materials for approximately CDN $1.3 billion.
“This transaction will link two unique companies – one with a world-class, high-quality resource, and the other with world-class rare earth product design and processing capabilities,” said Mark A. Smith, Molycorp’s oresident and CEO. “Neo Materials is recognized throughout the industry for its exceptionally high-quality production and processing capabilities, its patented technology platform, and its ability to consistently meet demanding customer specifications. With this combination, Molycorp will be in a unique position to enhance our time to market and provide new global customer segments with rare earth metals, oxides, and alloy powders that are unmatched today. We see significant opportunities for growth as well as powerful synergies through this transaction.”
Transaction Terms: Under the agreement, which was unanimously approved by the two companies’ boards of directors, Neo Materials shareholders will receive consideration equal to CDN$11.30 per share, comprising of CDN$8.05 per share in cash and 0.122 Molycorp shares based on Molycorp’s 20–day volume weighted average price of US$26.66. Neo Materials shareholders will have the right to elect their preferred consideration mix of cash and newly issued Molycorp common stock, with the total consideration being approximately 71.2 percent cash and approximately 28.8 percent Molycorp common stock. The CDN$11.30 per share represents a premium of approximately 42 percent to Neo Materials’ closing share price of CDN$7.97 on March 8, 2012.
A summary of the details of the transaction can be downloaded here. The transaction will be implemented through a court-approved Plan of Arrangement under Canadian law and is subject to the approval of Neo Materials shareholders, relevant regulatory approvals, and other customary closing conditions. The transaction is expected to close in the second or third quarter of 2012.
Compass Diversified Holdings Acquires Arnold Magnetic Technologies Holdings Corp.
Compass Diversified Holdings (CODI), an owner of leading middle market businesses, has announced that on March 5, 2012, it entered into an agreement to acquire and consummated the acquisition of Arnold Magnetic Technologies Holdings Corp. (Arnold).
Based in Rochester, NY with an operating history of more than 100 years, Arnold is a global manufacturer of engineered magnetic solutions for a wide range of specialty applications and end-markets, including energy, medical, aerospace and defense, oil and gas exploration, advertising, general industrial and automotive. From its manufacturing facilities located in the US, the United Kingdom, Switzerland and China, the company produces engineered magnetic assemblies in addition to high performance permanent magnets, flexible magnets and precision foil products that are mission critical in motors, generators, sensors and other systems and components. Based on its long-term relationships, the company has built a diverse and blue-chip customer base totaling more than 2,000 clients worldwide. For the year ended December 31, 2011, Arnold reported revenue of approximately $135.8 million.
The purchase price for Arnold of $130.5 million was based on a total enterprise value of $124.2 million and included $6.3 million of cash and working capital adjustments. Arnold generated approximately $17.9 million of adjusted EBITDA for fiscal 2011. Acquisition related costs were approximately $4.2 million. CODI funded the acquisition through available cash on its balance sheet and a draw of $25.0 million on its revolving credit facility.
CODI's initial common equity ownership in Arnold as a result of the transaction is approximately 96.7 percent on a primary basis. In addition to its equity investment in Arnold, CODI provided loans totaling $85.5 million to Arnold as part of the transaction. Arnold's management invested alongside CODI and owns the remaining approximate 3.3 percent.
"We are pleased to take advantage of our balance sheet strength and expand our family of niche leading businesses with the acquisition of Arnold,” said Alan Offenberg, CEO of CODI. “This acquisition is consistent with our philosophy of owning companies with a real reason to exist based on Arnold's strong and defensible market position, diversified customer base, stable cash flow, experienced management and attractive growth prospects. The company's reputation as a global manufacturer of highly engineered, application-specific magnet solutions is reflected in its longstanding history of more than 100 years and extensive client relationships across various end-markets. We are excited about the favorable dynamics in the rare earth magnet industry, including increasing demand from high-growth sectors such as alternative energy. We look forward to working closely with management to capitalize on the positive macro-trends and leverage Arnold's engineering and product development capabilities to accelerate the company's growth potential."
Tim Wilson, Chief Executive Officer of Arnold, will continue to serve in the same capacity at the company. Mr. Wilson said, "CODI's acquisition of Arnold provides compelling opportunities to expand our business. By drawing upon CODI's parent-level financing structure and success in growing niche market leaders, we will enhance our ability to implement strategic growth initiatives aimed at further strengthening our global leadership in the specialty and rare earth magnetic industry for the benefit of our stakeholders."
Additional information on the acquisition will be available on the Company's current report on Form 8-K that will be filed with the Securities and Exchange Commission.
Biotech Firm Spun Off from Children's Hospital Raises $7 Million to Advance Magnetic-Based Vascular Treatment
Vascular Magnetics, the first start-up company spun off by The Children's Hospital of Philadelphia, has raised $7 million to advance development of an innovative drug delivery system using magnetically targeted nanoparticles to treat peripheral artery disease.
Vascular Magnetics, based in West Philadelphia, announced that Devon Park Bioventures, of Wayne, Pa., is the sole investor in this Series A financing agreement.
"It's exciting to see that one of our hospital's research discoveries has attracted investors to move it toward commercial development," said Philip R. Johnson, M.D., chief scientific officer and executive vice president, The Children's Hospital of Philadelphia. "This work can have multiple benefits—directly to patients receiving a new treatment, and also to children whose lives will be improved by future research supported by revenue generated by this technology."
Vascular Magnetics was co-founded in 2010 by Robert J. Levy, M.D., William Rashkind Endowed Chair of Pediatric Cardiology at The Children's Hospital of Philadelphia, and Richard S. Woodward, Ph.D. Levy, whose extensive laboratory research forms the basis of the proprietary drug delivery system, is the firm's founding scientist. Woodward, who has a business background in nanotechnology and polymeric coatings, is the company's president and chief operating officer.
The drug delivery system at the heart of the company's work is called vascular magnetic intervention. The system combines biodegradable, magnetic drug-loaded particles with a magnetic targeting catheter and a device that creates a uniform magnetic field. The system, which Levy has tested in animals, guides the particles to the walls of arteries narrowed by peripheral artery disease. At the disease site, the particles remain in place, slowly biodegrading and releasing the drug paclitaxel, which prevents re-obstruction of the artery.
The technology could fill an important unmet need in treating peripheral artery disease (PAD), in which blocked arteries, primarily in the legs, exact a heavy toll in some 30 million older adults in North America and Europe. Diabetes patients and smokers are particularly affected by this painful, debilitating condition, responsible for the majority of amputations performed in this country. Drug-eluting stents, currently used in heart disease, are less effective in PAD. Levy said that magnetic intervention could deliver more effective doses of drugs than the standard drug-eluting stents, and could be used to re-administer drugs as needed.
As a new platform technology, Levy added, vascular magnetic intervention could also be adapted to delivering other agents, such as therapeutic genes or cells, and has potential utility in treating heart conditions in children.
In the near future, Vascular Magnetics will complete preclinical development of its technology, with plans to begin its first clinical trial in 2014, in adult patients.
Great Western Minerals Group’s LCM Receives Rare Earth Metal Making Environmental Permit
Great Western Minerals Group Ltd.’s (GWMG) wholly owned subsidiary Less Common Metals (LCM), located in Birkenhead, U.K., has been granted its environmental permit to carry out electrolytic production of rare earth metals at LCM's new Hooton Park location.
The permit, issued by the United Kingdom Environment Agency, enables LCM to produce rare earth metals in accordance with the highest of national environmental, health and safety standards.
Ian Higgins, Managing Director, Metals and Alloys at LCM said, "The detailed design and production of the first two metal making cells, which have now been received by LCM, was carried out by a leading United Kingdom-based foundry technology company. The initial trials of the metal making system are scheduled to commence in May 2012. Our plan is to have six cells in full operation by the end of 2012 at a level of production that will fully supply the requirements for LCM's recently commissioned strip casting furnace."
Jim Engdahl, president and CEO of GWMG said, "The process of fused salt electrolysis of rare earth oxides to metals increases the existing metal and alloy making capability at LCM into bulk production of metals, principally for the permanent magnet alloy business. This represents one more step toward GWMG being the most fully integrated rare earth company in the world. That, in turn, translates into additional self-sufficiency for our production cycle and certainty of supply for GWMG’s global customers."
Rare Earths & Yttrium: Market Outlook to 2015, 14th Edition 2011
The rare earths industry is at a turning point, as new sources of supply come on stream, industry in China consolidates under a limited number of state owned enterprises, and consumers re-evaluate the way in which rare earths are used after a period of unprecedented high prices.
Measures taken to control production in China are becoming more effective, resulting in a decline in official production of more than 4%py from 2006 to 2011. In 2011, China accounted for 94 percent of world production and this is expected to fall to just over 70 percent by 2015. An increasing proportion of Chinese supply is now required for its domestic industries which will account for 70 percent of total demand for rare earths in 2011. New projects in the rest of the world are forecast to contribute an additional 56,000 to 57,000t REO to supply by 2015.
All the growth in demand between 2005 and 2010 came from China (11%py); growth in the rest of the world fell by almost 4%py, largely a consequence of the global economic downturn in 2009 and a tightening of the Chinese export quota in 2010, which restricted availability. In the years to 2015, the main demand driver will be the use of rare earths in NdFeB magnets, which are forecast to grow at 11-13%py as potential markets expand to include applications in permanent magnet motors for electric vehicles and wind turbines. Magnets could account for nearly one third of demand by 2015. Strong growth in demand is also forecast for rare earths in NiMH batteries, phosphors, optical glass and ceramics.
From June 2010, when the Chinese export quota fell by nearly 40 percent, prices for most rare earths began to rise sharply, particularly for the lower cost LREEs where traders limited sales in order to maximize exports of higher value HREEs. Prices for those rare earths used in magnet alloys also rose rapidly in response to strong demand within China. At the start of Q4 2011, prices underwent some correction but are still at a level that has caused end users to look at reformulation, alternative technologies and recycling.
For more information or to order this report visit www.roskill.com/rare-earths.
The Global Permanent Magnet Industry
A new book documenting the global permanent magnet industry is now available. This industry directory is a comprehensive and accurate directory of the permanent magnet industry. All listings represent original research and include meaningful descriptions of each company – who they are, where they are, and what they do.
As a result of the unique approach in constructing this directory, one now has access to the most comprehensive compilation of the players in today’s permanent magnet industry. It includes 725 companies located in over 35 countries. Each company listing provides important contact information, a brief assessment of the company’s capabilities or a summary of their product offerings.
Included in this directory are manufacturers of permanent magnets, distributors of permanent magnets and fabricators of magnetic assemblies and systems for commercial and industrial applications.
This directory is intended to assist the following individuals or organizations:
- Industry participants conducting strategic competitive analysis
- Magnet users seeking to identify sources for permanent magnets
- Suppliers of goods and services to the magnet industry
- Financial investors considering investment in the magnet industry
- Industry participants considering strategic acquisitions or divestments
The book’s Appendix includes a combination glossary and dictionary of more than 200 terms and product nomenclature commonly used by the permanent magnet community, representing a comprehensive overview of the “language” of the magnet industry.
Priced at $395, this unique reference book can be purchased with credit card for immediate delivery at www.waltbenecki.com (click on “Publications”).