Additionally, Neo Magnequench's Plant in
Tianjin, China Earns a Silver
EcoVadis Medal in its First Year of Certification
TORONTO, Feb. 22, 2022 /CNW/ - 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.
i
Source:
https://ec.europa.eu/info/energy-climate-change-environment/standards-tools-and-labels/products-labelling-rules-and-requirements/energy-label-and-ecodesign/energy-efficient-products/circulators_en
|
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
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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
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www.sedar.com.
SOURCE Neo Performance Materials, Inc.