Press release from CNW Group
5N Plus Expands Asian Footprint With New Investment in South Korea
Tuesday, June 11, 2013
5N Plus Expands Asian Footprint With New Investment in South Korea08:46 EDT Tuesday, June 11, 2013
MONTREAL, June 11, 2013 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the leading producer of specialty metal and chemical products, announces that it will invest in a new gallium chemicals facility to be located in South Korea, one of the fastest growing regions for electronics manufacturing in the world. This initiative is being taken to meet the growing demand for gallium in LED manufacturing in North East Asia.
The new facility should be operational before the end of 2013 and will be located within an industrial park nearby a number of important electronic manufacturing facilities. 5N Plus has entered into an agreement with a local chemical distributor for the supply of operating services and logistics of the new facility.
North East Asia represents the majority of the world's LED production, and over 70% of the world's electronic tablet display supply. The LED market is expected to grow at a 15-20% annual rate in the near to medium term, with growth mainly driven by increasing market penetration for lighting applications. High purity gallium metal and chemicals also represent essential materials in the manufacture of products such as GaAs electronic components for 3/4G wireless applications, IGZO transparent semiconductor for next generation displays, CIGS thin film solar panels, and GaSb wafers for IR detection and imagery systems. As a group, these applications are foreseen to drive significant growth in gallium demand in the coming years. This new investment in South Korea should serve as a platform in the future for the manufacture of other high purity materials for the Asian market.
"We are pleased to be able to make this investment in gallium chemicals and demonstrate our commitment to serve our customers wherever in the world they may require our products and services" said Mr. Jacques L'Ecuyer, President and Chief Executive Officer of 5N Plus. 5N Plus has existing gallium chemicals manufacturing facilities in Madison, Wisconsin, USA and in Wellingborough, UK.
About 5N Plus Inc.
5N Plus is the leading producer of specialty metal and chemical products. Fully integrated with closed-loop recycling facilities, the Company is headquartered in Montreal, Québec, Canada and operates manufacturing facilities and sales offices in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to produce products which are used in a number of advanced pharmaceutical, electronic and industrial applications. Typical products include purified metals such as bismuth, gallium, germanium, indium, selenium and tellurium, inorganic chemicals based on such metals and compound semiconductor wafers. Many of these are critical precursors and key enablers in markets such as solar, light-emitting diodes and eco-friendly materials.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as "about", "approximately", "may", "believes", "expects", "will", "intends", "should", "plans", "predicts", "potential", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof or other comparable terminology. Forward-looking statements are based on the best estimates available to 5N Plus at this time and involve known and unknown risks, uncertainties and other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting 5N Plus' business and activities appears under the heading "Risks and Uncertainties" of 5N Plus' 2012 MD&A dated March 28, 2013 and Note 13 of the unaudited interim condensed consolidated financial statements for the three‐month periods ended March 31, 2013 and 2012 available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N Plus. The forward-looking information contained in this press release is made as of the date hereof and 5N Plus undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward-looking statements.
SOURCE: 5n Plus Inc.
For further information:
Vice President, Legal Affairs and Corporate Secretary
5N Plus Inc.
(514) 856-0644 x6178