US-based critical minerals developer Hyperion Metals has announced its agreement to acquire Damen Carbide, a tool grinding manufacturer. This strategic acquisition aims to enhance Hyperion's manufacturing capabilities, particularly in custom carbide components.
Damen Carbide will be integrated into Hyperion's Precision Solutions business unit, which is known for producing high-quality hard components from materials such as tungsten carbide and high-speed steel. Although the financial terms of the transaction were not disclosed, the acquisition is expected to close early in the third quarter of 2024, pending customary closing conditions.
Damen Carbide, based in Wood Dale, Illinois, specializes in forming carbide, ceramic, and steel components. This acquisition will enable Hyperion to leverage Damen's expertise and infrastructure to strengthen its position in the market for critical mineral products.
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