Hitachi Metals announced today that it has reached a basic agreement with Honeywell to purchase its amorphous metals business division, Metglas Solutions (Metglas) and the business divisions of affiliated companies.
According to a statement, Hitachi Metals will acquire all the assets of the Metglas division of Honeywell, including personnel, plant and equipment, trademarks and intellectual property rights.
Metglas Conway, South Carolina, will be acquired by Hitachi Metals’ wholly owned US subsidiary, Hitachi Metals America (HMA), and will become a subsidiary of HMA. The Indian division of Metglas located in Gurgaon, Haryana, India will become an Indian subsidiary of Hitachi Metals.
Hitachi Metals manufactures soft magnetic materials used in electronic products. The demand for soft magnetic materials is expected to develop rapidly in the near future, led by next-generation automobiles such as hybrid and fuel cell vehicles.
Following the acquisition, Hitachi Metals will focus on developing new applications and reducing the manufacturing cost by the integration of both Hitachi Metals and Metglas’ own technical resources, such as material development, melting, refining, amorphous ribbon mass production and electric component design technologies.