Outokumpu Copper Products Oy of Finland has signed an agreement to acquire the assets and business of Advanced Superconductors (IGC-AS), a division of Intermagnetics General Corporation of the USA. The USD 30 million agreement was signed on 5 October 2001. It consists of USD 26 million cash payment and an additional USD 4 million in installments over two years. Moreover there is a USD 4 million conditional payment if Intermagnetics attains a specific level of LTS wire purchases. The deal is expected to close before the end of October, 2001. IGC-AS manufactures low-temperature superconducters (LTS) such as NbTi (Niobium Titanium) and Nb3Sn (Niobium three Tin) for superconducting magnets. These materials are used mainly in commercial applications for medical imaging systems. IGC-AS has also supplied material for several research-oriented high-tech projects for more than 20 years, such as High Energy Physics (HEP), Nuclear Magnetic Resonance (NMR) spectrometers and Superconductive Magnet Energy Storage (SMES) systems.
