NBTM New Materials Group's (SHA:600114) unit, Shanxi Dongmu Magnetoelectric, acquired land in Linyi County, China for 19.1 million yuan, according to a Shanghai bourse filing on Thursday.
Shanxi Dongmu signed the land-use rights contract with the Linyi County Natural Resources Bureau.
The land will be the site for a factory that will produce 60,000 tons of soft magnetic materials every year. The construction is expected to start by July 30, 2026, and will be completed by July 30, 2029, the Chinese powder metallurgy new materials manufacturer said.
The company's shares closed over 4% higher.
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