GM terminates rare-earth magnet supply deal with e-VAC Magnetics; supplier seeks arbitration, damages

General Motors terminated its long-term rare-earth magnet supply agreement with e-VAC Magnetics, the U.S. subsidiary of Germany-based Vacuumschmelze, effective July 1, according to SEC documents. e-VAC Magnetics has initiated arbitration over alleged wrongful termination and is seeking damages for the remainder of the contract. Energy Fuels, which agreed to acquire VAC in June, disclosed the termination in a filing.

Detected & updated continuously · Source: Nebula