Power & hand tools

Rare earth processing and materials company; operates the only commercial rare earth separation facility in Europe — the Sillamäe, Estonia plant. Sillamäe is a former Soviet uranium enrichment and rare earth processing site on the Baltic Sea. Neo's Sillamäe plant separates rare earth feedstock into NdPr oxide and other rare earth products for European magnet manufacturers. Also operates rare earth processing in China (Zibo, Shandong). Neo is the critical link in a non-China NdPr supply chain for European permanent magnet producers. Listed on Toronto Stock Exchange. EU-funded as part of Critical Raw Materials strategy.

Amperex Technology Limited (ATL; headquartered Dongguan, Guangdong, China) is the world's largest manufacturer of LCO (lithium cobalt oxide) battery cells for consumer electronics, holding approximately 35-40% of the global smartphone and tablet cell market. ATL was founded in 1999 in Hong Kong and relocated primary operations to Dongguan. The company was acquired by TDK Corporation (Japan; TYO: 6762) in 2005 for approximately ¥10.5B — making a Chinese battery maker a wholly-owned subsidiary of a Japanese electronics conglomerate. ATL is the primary cell supplier for Apple iPhone (jointly with Samsung SDI), Google Pixel, Huawei smartphones, and virtually all major Android OEM devices. ATL's primary LCO cell manufacturing campus is in Dongguan, Guangdong; it also operates a major facility in Ningde, Fujian (the same city whose name gives CATL — Contemporary Amperex Technology Limited — its identity, though ATL and CATL are entirely separate companies). ATL is privately held within TDK and does not publish standalone financials; revenue is estimated at $5-7B+ annually.

Welling (GMCC parent's motor brand) and GMCC are both divisions of Midea Group (SZSE: 000333); combined motor capacity of ~220 million units/year including BLDC motors for washing machines, dishwashers, fans, and inverter-driven appliance compressors. Welling supplies 1-in-3 air conditioners globally. BLDC motors require NdFeB magnets; China's April 2025 magnet export controls created upstream pressure on Welling's own production economics. Same Midea Group also owns Kuka robotics (Germany).

Rare earth processing and magnet powder specialist; operates separation plant in Sillamäe Estonia (only commercial rare earth separation in Europe); NdFeB powder and finished magnet production

Owner of Milwaukee and Ryobi power-tool brands; a dominant cordless-tool maker built on proprietary lithium battery platforms.

Austrian steel and technology group; world leader in high-quality wire rod for automotive applications (valve springs, suspension springs, tire cord). voestalpine Draht GmbH in Leoben-Donawitz produces the spring steel wire rod that goes into virtually every European and many US/Japanese automotive valve springs. NYSE-listed ADR; Vienna Stock Exchange.

World's largest manufacturer of small precision electric motors (TSE: 6594, HQ Kyoto); founded 1973 by Shigenobu Nagamori. Dominates hard disk drive (HDD) spindle motors (nearly 100% global market share for decades) and is aggressively expanding into BLDC motors for home appliances and EV traction motors. Annual production exceeds 1 billion motor units across all categories. Key BLDC divisions: Nidec Motor Corporation (US, household appliances), Nidec Global Appliance (Brazil, formerly Embraco). The same Nidec that makes the spindle motor in every hard drive also makes the BLDC motor in washing machines and is building the next generation of EV traction motors.

Japanese specialty steel and magnetic materials company; Toyota Group member (Toyota holds ~24% equity). Produces bonded NdFeB magnetic powder (MIRAMAG brand) as a competitor to Neo Performance Materials' Magnequench. ~15-20% estimated global bonded NdFeB powder market share. Also produces specialty steel forgings for automotive transmission components. TSE: 5482.

Major Chinese integrated tungsten producer (APT, powder, carbide) — part of the China-dominated tungsten supply chain.

Samsung SDI Co., Ltd. (Yongin, Gyeonggi-do, South Korea; KRX: 006400; ~KRW 20T revenue) is the battery manufacturing arm of the Samsung Group, producing cylindrical, prismatic, and pouch lithium-ion cells for consumer electronics (smartphones, laptops, tablets), power tools, and electric vehicles. In the consumer electronics LCO cell segment, Samsung SDI holds approximately 15-18% global market share. Samsung SDI manufactures LCO pouch cells at its Tianjin, China facility (primarily for smartphone applications) and cylindrical cells at Cheonan, South Korea. Samsung SDI is a co-supplier of Apple iPhone battery cells alongside ATL — Apple's dual-sourcing strategy for iPhones is the most sophisticated single-input procurement program in consumer electronics. Samsung SDI's EV battery business (NMC prismatic cells for BMW iX, Rivian, Stellantis) is growing faster than its consumer electronics segment.

German EC (electronically commutated) fan and motor specialist; world technology leader in energy-efficient EC fans for HVAC, commercial refrigeration, and industrial ventilation. Privately owned (Zeitgeist AG). ~2B EUR revenue; supplies Carrier, Trane, Lennox, Danfoss globally.

US tungsten-carbide tooling and wear-component maker (cutting tools, mining bits, wear parts).

LG Energy Solution, Ltd. (Seoul; KRX: 373220; ~KRW 25T revenue; spun off from LG Chem in 2020, IPO 2022) is one of the world's largest lithium-ion battery manufacturers with ~10% of the global consumer electronics LCO cell market. LGES produces LCO pouch cells at Ochang, North Chungcheong Province, South Korea and at Nanjing, China. Consumer electronics customers include LG Electronics (flagship G and V series smartphones, now discontinued), Google Pixel phones, and various laptop OEMs. LGES is primarily known for its EV battery business (NMC/NCMA cells for GM Ultium, Stellantis, Volkswagen, Honda) — its consumer electronics cell business is smaller and shrinking as the company prioritizes high-margin EV contracts. LGES operates a joint venture with GM (Ultium Cells LLC) building four US battery gigafactories.

Chinese electric motor conglomerate (SHEX: 600580, HQ Shaoxing, Zhejiang); produces BLDC motors, AC motors, and generators for home appliances, industrial applications, and emerging EV sectors. Major OEM supplier to Chinese appliance manufacturers. Acquired ATB (Austria) in 2011 to access European markets. Wolong is one of China's largest diversified motor groups and a significant supplier to global appliance OEMs.

Chinese bonded NdFeB magnetic powder producer; competes with Magnequench in the bonded magnet market. ~10% estimated global market share. Produces isotropic NdFeB powder for bonded magnet manufacturers serving automotive and consumer electronics applications.

Murata Manufacturing Co., Ltd. (Nagaokakyo, Kyoto; TSE: 6981; ~¥2T revenue) is a Japanese electronic components manufacturer that acquired Sony Energy Devices Corporation (Sony's battery division) in 2017 for approximately $142M, inheriting Sony's 18650 cylindrical cell manufacturing expertise. Murata's battery division produces lithium-ion cells and battery packs for professional electronics, wearables, and medical devices. Murata's 18650 cells are used in some professional radio battery packs — the same cell format used in laptop batteries and early Tesla vehicles. Murata's battery manufacturing operates from Koriyama (Fukushima Prefecture), inherited from Sony. Despite the Sony heritage, Murata is a smaller player vs. Chinese Li-ion manufacturers in commodity applications but retains premium positioning in high-reliability professional electronics where Sony's quality legacy matters.

Hong Kong-listed (SEHK: 179) precision motor manufacturer; HQ in Hong Kong with primary production in China. Produces micro-motors, BLDC motors, and actuators for automotive, industrial, and home appliance applications. Annual revenues ~$3B. Specializes in smaller BLDC motors for dishwasher pumps, refrigerator fans, and small appliance drives. Supplies major appliance brands globally including Whirlpool, Bosch, and LG.

Panasonic Energy Co., Ltd. (Osaka; subsidiary of Panasonic Holdings; TYO: 6752) manufactures cylindrical, prismatic, and thin lithium-ion cells. In the consumer electronics LCO segment, Panasonic holds approximately 5-7% global market share, primarily supplying laptop and tablet manufacturers including Panasonic's own TOUGHBOOK line. Panasonic's largest battery operation is its EV cylindrical cell joint venture with Tesla (Panasonic Energy of North America; Sparks, Nevada gigafactory) — but this produces NCA (nickel cobalt aluminum) cells for Tesla rather than LCO. Panasonic Energy's Kasai, Hyogo Prefecture Japan facility handles consumer LCO cell production. Panasonic Energy was spun off from the Panasonic Group battery operations as a separate entity in 2022 to enable more agile decision-making.