Neo Performance rises after restructuring operations at Estonia plant

Neo Performance Materials

15/12/2023 16:33

** Shares of industrial materials maker Neo Performance
Materials Inc  NEO.TO  up ~2.2% at C$7.55 in morning trade
    ** Co flags shift in focus away from midstream toward
downstream to streamline operations at subsidiary NPM Silmet's
plant in Sillamae, Estonia
    ** Says future products will be derived from oxides and
recycled materials, of which co has "entered into numerous
sourcing agreements"
    ** NEO anticipates a charge of $2 mln to $3 mln non-cash
charge for impairment of assets and less than $1.5 mln of
employee restructuring costs
    ** Expects savings from working capital reductions to offset
the restructuring and transition cash costs in less than a year
    ** So far this year, shares have risen 2.2% YTD

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))