Specialty metal and chemical products producer 5N Plus has opened a new recycling facility within the Kulim High Technology Park in Malaysia, completed under budget.
The company has further announced the acquisition of the remaining 50% ownership interest in the joint venture company MCP Metals (Shenzhen) Co., Ltd, a gallium refining facility located in Shenzhen, China.
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In May, MCP’s shares were said to have been bought for a cash consideration of €105.8 million, with a promissory note to the vendors of €61.9 million and around 11.4 million common shares of 5N to be issued to the vendors.
“Expansion of our activities in Asia is part of our growth strategy as we expect to see increasing demand for our products in this part of the world. Our Shenzhen and new Malaysian facilities will be instrumental in allowing us to leverage this demand and the corresponding business opportunities,” said Jacques L’Ecuyer, President and Chief Executive Officer of 5N Plus.
Furthermore, 5N has an exclusive long-term cadmium telluride (CdTe) supply agreement with thin-film module producer First Solar, which in May, indefinitely idled four of its production lines at its Malaysian facility.