Great Western Minerals Group Ltd. Of Canada has announced that it is to acquire the UK company, Less Common Metals Ltd. ("LCM"), subject to the required regulatory approvals in the UK and Canada. The purchase price of this acquisition is £4,000,000.
Founded in 1992, LCM is a profitable, private company with excellent long-term relationships with many blue-chip market-leading customers across a wide range of industries including. One of LCM's key clients is Aichi Steel Corporation of Japan, one of the Toyota Group Companies. Aichi uses LCM products in high efficiency, low weight, permanent magnet motors for ancillary equipment used in the latest vehicles manufactured by Toyota.
LCM is a leading, global manufacturer and supplier of rare earth based alloys, high purity metals, and ultra-high-purity indium. Other speciality alloys produced at its state-of-the-art plant in the north-west of England include neodymium-iron-boron and samarium cobalt alloys for the permanent magnet industry for which LCM accounts for 20% of global demand.
The company was founded in 1992 and boasts blue-chip customers in the automotive, aerospace, nuclear and defence industries.
LCM's revenue for the year ending June 30, 2008 is expected to be approximately £9.8 Million up from £5.4 Million the previous year.
All 27 members of staff at the LCM plant are expected to stay on at the plant.
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