OM Will Acquire Vacuumschmelze

OM Group, which makes cobalt- and nickel-based materials and specialty chemicals, has agreed to purchase Vacuumschmelze for about $1 billion. Vacuumschmelze is a German producer of permanent magnets and magnet components. It earned $77 million on $560 million in sales over the 12-month period ending on March 31. OM had $123 million in operating profits on $1.2 billion in revenues in 2010. OM says the acquisition will allow it to move closer to end users in fast-growing markets such as alternative energy. In 2010, the company purchased battery maker EaglePicher Technologies for $172 million.