Zhejiang Dongyang DMEGC Rare Earth Magnet Co., Ltd., a wholly-owned subsidiary of Innuovo Technology Co., Ltd., has received board approval to invest approximately RMB424 million (USD59.11 million) in an expansion project to increase annual production capacity of sintered neodymium-iron-boron (NdFeB) magnets by 5,000 tonnes.
The project is expected to be completed within 18 months after construction begins and will significantly boost Innuovo's NdFeB magnet production capabilities, supporting the expansion of its rare earth magnet business.
