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Onfem buys alloy producer
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Onfem Holdings, through US subsidiary Magnequench International Inc (MQI), has acquired a neodymium alloy producer, Xinbao Investment, for $23 million. Onfem said the transaction on May 29 was a significant step forward for MQI, which planned to establish and expand its mainland manufacturing capabilities. Xinbao produces about 27,272 kilograms of alloy per month.
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