Neo Performance Materials Inc. announced the signing of a multi-year Memorandum of Understanding with Robert Bosch GmbH. Given this extended supplier partnership and in conjunction with Neo's new capacity launch planning, Neo will reserve significant annual magnet production capacity for its customer Bosch, with a clear mutual target for both partners to transition the capacity reserve into definitive projects. By reserving capacity with Neo, Bosch is taking a proactive step to ensure a stable supply chain network and to foster supply chains that develop localized production, through competition and innovation.
For Neo, a commitment like this from a global technology leader continues to hasten the roadmap to plan and optimize the design and construction of the next phase of its magnet manufacturing facility in Estonia. This further solidifies Neo's role as a strategic supplier-of-choice for magnets both to automotive applications and beyond.
