Umicore forms jv with Vital to meet growing ITO demand in Asia

Materials and technology group Umicore has set up a joint venture with China-based Vital Materials to meet rising indium tin oxide (ITO) demand from the “fast-expanding” large area display market in Asia.

The joint venture will produce sputtering targets for customers in China and offer recycling services for spent targets, Umicore said in its first-half trading update on Thursday July 31.
Umicore has signed the joint venture with First Rare Materials, the holding company which owns Vital Materials Co, and will own 60% of the joint venture, while Vital will own 40%.
Signing the jv is in line with Vital's aims to move into areas with untapped potential, including downstream indium products in China.

"Clearly today we don't have a [big enough] supply of large-sized indium tin oxide (ITO) targets in China. It's all dominated by overseas producers. But if you can supply large-screen manufacturers here with the same-quality large-sized ITO targets you could be very competitive in terms of cost, price and service. And this is encouraged by the government too," George Zhu, founder of Vital, told Metal Bulletin in a...

Published

Chloe Smith

July 31, 2014

15:53 GMT

London