ELMET to Acquire 4.99% Stake in Vietnam's Masan High-Tech Materials for US$125 Million

en.Wedoany.com Reported - The Elmet Group of the United States announced the establishment of a long-term strategic partnership with Vietnam's Masan High-Tech Materials (MSR), proposing to acquire a 4.99% equity stake in MSR for US$124.75 million, corresponding to an implied equity valuation of approximately US$2.5 billion for MSR. The shares will be transferred by a wholly-owned subsidiary of Masan Group. The transaction remains subject to relevant regulatory and corporate approvals and is expected to close in the third quarter of 2026.

The equity investment is coupled with a long-term tungsten supply partnership. The initial term of the agreement exceeds 8 years, with plans to cover approximately 1,250 tonnes of tungsten trioxide equivalent (WO₃-equivalent) products and processing services annually. Based on current tungsten prices, the initial cooperation period is expected to generate approximately US$1.5 billion in cumulative revenue for MSR. MSR will supply tungsten products and conversion processing services to Elmet through its integrated mining and refining platform in Vietnam.

Masan High-Tech Materials operates the Nui Phao polymetallic mine and associated tungsten processing facilities in Thai Nguyen Province, Vietnam, with operations covering tungsten concentrate processing, high-purity tungsten chemicals, and mid- and downstream tungsten materials. Elmet operates downstream, producing tungsten materials and precision components for aerospace, defense, semiconductor, medical, industrial, and energy customers. The partnership creates a tungsten supply chain link from mine and refining through to high-end manufacturing terminals in North America.

The two parties also plan to jointly secure tungsten concentrate from additional international third-party mines, send the relevant feedstock to MSR's facilities in Vietnam for processing, and then supply the United States and other markets. MSR recently disclosed that its tungsten oxide capacity is being expanded to more than 8,000 tonnes of WO₃ per year, with a potential additional 115 million tonnes of tungsten polymetallic resources. In the first half of 2026, MSR generated revenue of approximately US$423 million and net profit after tax of approximately US$83 million.

Following completion of the transaction, Elmet will also obtain a seat on MSR's board of directors and support MSR's transfer from UPCoM to the Ho Chi Minh Stock Exchange, while assisting in its evaluation of international listing arrangements. The commercial supply agreement between the two parties will formally take effect upon completion of the equity transaction.