Neo Performance Materials to construct a magnet factory and R&D centre in Estonia

NPM is a Canada-based company that manufactures advanced industrial materials.

They will invest €81.25m to produce magnets made of rare earth metals and recycled magnets in Narva, Ida Viruma County. The company also owns rare earth metals maker Silmet in nearby Sillamäe.

The Estonian state is supporting the transaction with an €18.75m investment from its Just Transition Fund, which aims to help diversify the regional economy, develop new high value-added production and value chains.