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Chinese Rare Earth Firm Sets Up US Unit to Tap Auto, Electronics Sectors
Tang Shihua
DATE:  Feb 21 2019
/ SOURCE:  yicai
Chinese Rare Earth Firm Sets Up US Unit to Tap Auto, Electronics Sectors Chinese Rare Earth Firm Sets Up US Unit to Tap Auto, Electronics Sectors

(Yicai Global) Feb. 20 -- China's  Zhenghai Magnetic Material, a maker of rare earth-based magnetic  materials and components, will establish a wholly-owned subsidiary in  Detroit, US, to serve local auto and consumer electronics clients.

Zhenghai will invest USD1 million in the  new unit, which has registered capital of USD30,000, the Yantai-based  firm said in a statement.  

The firm aims to become the world's  leading research and development center and producer of high-performance  neodymium iron boron permanent magnetic materials. Many of its auto and  CE clients are based in the US and have high demand for such products,  according to the statement. 

A local subsidiary in the country can  help the firm to respond faster to clients' demands, as well as to  discover and maintain new clients, it added. 

Editor: William Clegg

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Keywords: New Subsidiary,U.S.,Neodymium-lron-Boron,Permanent Magnetic Material,Zhenghai Magnetic Material