Elmet Group acquires stake in Masan High-Tech Materials

The Elmet Group, a United States based supplier of tungsten alloys, has agreed to purchase a 4.99 per cent equity stake in Vietnam’s Masan High-Tech Materials. The transaction, which values the company at an implied equity valuation of $2.5bn, involves the acquisition of shares from a fully owned subsidiary of Masan Group. The deal is anticipated to complete in the first half of October, pending the receipt of necessary regulatory and corporate approvals.

Upon completion of the transaction, Masan Group will retain a controlling interest of approximately 87.46 per cent in Masan High-Tech Materials. In conjunction with the equity investment, the two entities have established multi-year agreements for the committed supply and sale of tungsten products to the US market. Under these terms, Masan High-Tech Materials is required to supply around 1,250 tonnes per annum of tungsten trioxide-equivalent products for a period of eight years. This arrangement is projected to generate approximately $1.5bn in aggregate gross revenue over the initial term, based on prevailing tungsten prices.

The new commercial framework builds upon a relationship that has spanned more than 12 years. Peter Anania, chief executive of Elmet Group, stated that critical materials are vital to American supply-chain security and industrial resilience. He noted that the investment reflects confidence in the team and the opportunity ahead, while strengthening the ability to serve customers and support critical industries. Tungsten products and conversion services will be provided from Masan High-Tech Materials’ integrated mining and refining operations in Vietnam to Elmet’s US customers. Additionally, the agreement includes collaboration to secure further tungsten concentrate from international partner mines for processing at Masan High-Tech Materials’ facilities.

Masan Group regards the deal as a method to establish an independent benchmark for the valuation of Masan High-Tech Materials and to strengthen its balance sheet. The company recently increased its tungsten oxides production capacity to more than 8,000 tonnes per annum of tungsten trioxide. In the first half of 2026, Masan High-Tech Materials reported revenue of approximately $423m and net profit after tax of $83m. For the full year, the company expects revenue of around $1.4bn and net profit after tax of roughly $233m. Jefferies Singapore served as the sole financial adviser to Masan High-Tech Materials on the transaction.