Neo Magnequench Facility in Korat, Thailand Earns a Gold Medal from EcoVadis for its 2021 Sustainability Performance
Additionally, Neo Magnequench’s Plant in Tianjin, China Earns a Silver EcoVadis Medal in its First Year of Certification
February 22, 2022 (Source) — Neo Performance Materials Inc. (“Neo“, the “Company“) (TSX: NEO) is pleased to announce that its Neo Magnequench rare earth magnetic materials manufacturing facility in Korat, Thailand has been awarded a Gold Medal by EcoVadis for its 2021 sustainability performance. This places the Korat facility in the top five percent of all facilities around the world reporting to EcoVadis.
A second Neo Magnequench’s facility, located in Tianjin, China, achieved a Silver Medal from EcoVadis for its sustainability performance in 2021. This marks the plant’s first year of EcoVadis certification and places it in the top 25% of all EcoVadis respondents. The Tianjin plant also holds an ISO-50001 Energy Management certification, which it earned as a result of its innovative and effective approaches to energy efficiency.
The Korat facility achieved a Silver Medal from EcoVadis in 2020, its first year of EcoVadis certification. Both the Korat and Tianjin facilities produce neodymium-iron-boron (“NdFeB” or “neo”) magnetic powders used in high-efficiency electric motors for the automotive, home appliance, industrial automation, water circulation pump, and other industries. The Tianjin facility produces both neo magnetic powders and neo magnets. These highly engineered rare earth materials increase the energy efficiency of applications in which they are used, reducing electricity demand and avoiding greenhouse gas and other harmful air emissions.
For example, the European Commission has estimated that EU eco-design energy efficiency rules for circulator-pump systems – which led to widespread industry adoption of neo magnet pump designs – were expected to achieve annual energy savings beginning in 2020 of 23 trillion watt-hours (TWh) in the European Union, reducing CO2 emissions by 11 million tonnes.i
“I am pleased and proud of our Magnequench Korat team for achieving a Gold Medal from EcoVadis for its 2021 sustainability performance, which shows continuous improvement from the Silver Medal it earned in 2020 it is first year of certification,” said Greg Kroll, Neo’s Executive Vice President and head of the Magnequench division. “I was also pleased to see the Magnequench Tianjin team earn a silver EcoVadis Medal for 2021 in its first year of participation in EcoVadis. These important ratings milestones underscore the dedication of the global Neo Magnequench team to operating in a safe, ethical, socially conscious, and sustainable manner as we meet the growing needs of our customers worldwide for neo magnetic materials.”
One of the world’s largest providers of business sustainability ratings, EcoVadis evaluates a company’s sustainability management and progress. Its methodology is built on international sustainability standards, including the Global Reporting Initiative, the United Nations Global Compact, and the ISO 26000, covering 200+ spend categories and 160+ countries. Sustainability ratings illustrate performance across 21 indicators in four main categories: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.
In addition to EcoVadis, Neo is a participant in the United Nations Global Compact, the world’s largest corporate sustainability initiative, and has committed to implementing the Global Compact’s 10 Principles on human rights, labour, environment, and anti-corruption. The Company also is a member of the Responsible Mineral Initiative, which provides companies with tools and resources to make sourcing decisions that improve regulatory compliance and support responsible sourcing of minerals from conflict-affected and high-risk areas.
About Neo Performance Materials
Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo’s advanced industrial materials – magnetic powders and magnets, specialty chemicals, metals, and alloys – are critical to the performance of many everyday products and emerging technologies. Neo’s products help to deliver the technologies of tomorrow to consumers today. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. Neo is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, US; Singapore; and Beijing, China. Neo operates globally with sales, research and development, and production across 10 countries, being Japan, China, Thailand, Estonia, Singapore, Germany, United Kingdom, Canada, United States, and South Korea. For more information, please visit www.neomaterials.com.
Cautionary Statements Regarding Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws in Canada. Forward-looking information may relate to future events or future performance of Neo. All statements in this release, other than statements of historical facts, with respect to Neo’s objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following: expectations regarding certain of Neo’s future results and information, including, among other things, revenue, expenses, sales growth, capital expenditures, and operations; statements with respect to current and future market trends that may directly or indirectly impact sales and revenue of Neo; expected use of cash balances; continuation of prudent management of working capital; source of funds for ongoing business requirements and capital investments; expectations regarding sufficiency of the allowance for uncollectible accounts and inventory provisions; analysis regarding sensitivity of the business to changes in exchange rates; impact of recently adopted accounting pronouncements; risk factors relating to intellectual property protection and intellectual property litigation; risk factors relating to national or international economies (including the impact of COVID-19), and other risks present in the jurisdictions in which Neo, its customers, its suppliers, and/or its logistics partners operate, and; expectations concerning any remediation efforts to Neo’s design of its internal controls over financial reporting and disclosure controls and procedures. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Neo believes the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this discussion and analysis should not be unduly relied upon. For more information on Neo, investors should review Neo’s continuous disclosure filings that are available under Neo’s profile at www.sedar.com.
SOURCE Neo Performance Materials, Inc.
For further information: Ali Mahdavi, SVP, Corporate Development & Capital Markets, 416-962-3300, Email: email@example.com; Jim Sims, Director, Corporate Communications, 303-503-6203, Email: firstname.lastname@example.org, Website: www.neomaterials.com