Masan, Mitsubishi Materials to develop tungsten platform

The Masan High-Tech Materials Corporation (MHT) announced on November 27 that it has completed a strategic alliance in the tungsten industry with the Mitsubishi Materials Corporation (MMC), with a view to developing a leading high-tech tungsten materials platform. Photo: Masan

Hanoi (VNA) - The Masan High-Tech Materials Corporation (MHT) announced on November 27 that it has completed a strategic alliance in the tungsten industry with the Mitsubishi Materials Corporation (MMC), with a view to developing a leading high-tech tungsten materials platform.

As part of the alliance, MMC bought more than 109.9 million newly-issued shares in MHT through a private placement for 90 million USD, becoming its second-largest shareholder, with 10 percent.

Credit Suisse acted as exclusive financial advisor to MHT.

The two will discuss developing a separate business unit to strengthen and unlock the synergies between their respective mid-stream tungsten platforms.

After its acquisition of H.C Starck (HCS), a leading global mid-stream tungsten business, in June, MMC’s participation as a strategic partner is validation of its transformation into a vertically integrated high-tech tungsten platform.

The cooperation will open up investment opportunities to promote the development of important technologies while improving capacity on both sides to provide customers with tungsten products of high quality. It will also strengthen sales networks in the Asia-Pacific, helping broaden the consumption of MHT’s tungsten powder in the region.

MHT prides itself on being a leading provider of key minerals such as tungsten, fluorite, and bismuth. It is currently managing and operating the world’s leading multi-needle ore production and processing plant, in Vietnam’s north. It is also the world’s leading supplier of heat-resistant metals for growth industries such as electronics, chemicals, automotive, medical technology, and aviation and aerospace.

MMC, meanwhile, is an “integrated materials manufacturer”, providing basic materials such as copper and cement. It also manufactures and supplies mechanical parts, materials, and electronic components used in motor cars and home appliances, among others, and is also engaged in the recycling and energy sectors./.