Hanoi (VNA) - The Masan Tungsten Company Ltd., a wholly-owned subsidiary of theMasan Resources Corporation (MSR), has completed the legal steps to acquire thetungsten business of Germany’s H.C. Starck Group GmbH, according to thecorporation.

Thetransaction is a strategic step in executing MSR’s vision of becoming a leadingglobal vertically-integrated high-tech industrial materials platform.

This willenable the company to generate strong and consistent cash flows across pricecycles and expand its addressable market by 3.5 times, from 1.3 billion USD to4.6 billion USD.

MSRexpects to become a leading midstream tungsten products supplier acrosscritical industries such as mechanical engineering and tool making, mining,automotive, energy, aviation, and chemicals.

Thetransaction aims to create a global high-tech industrial company of scale inVietnam and, more importantly, enhance the country’s competitive edge in theglobal tungsten market by owning a cutting-edge R&D and technology platform.It will also offer the local workforce an opportunity to develop engineeringskills in the high-tech manufacturing space as part of the globalisation ofMSR’s business.

Starck isa leading manufacturer of high-tech tungsten metal powders and carbides, withproduction facilities in Europe, North America, and China, and customers acrossthe globe.

It owns105 patents and patent applications and other intellectual property tomanufacture innovative products such as ultrafine-sized tungsten compounds.

Inaddition, it is one of only a handful of companies in the world with acomprehensive, environmentally-sound tungsten scrap recycling platform backedby proprietary intellectual property./.