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Rio Tinto Signs Deal to Transfer Aluminum MMC Customers to Cymat

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Rio Tinto (RIO) has entered a commercial agreement with Cymat Technologies to transfer Rio Tinto Alcan's aluminum metal matrix composites, or MMC, customers to Cymat as Rio Tinto exits the business, Cymat said Tuesday.

Under the agreement, Cymat will pay Rio Tinto Alcan $750 per metric ton of MMC sold or used for five years, up to a maximum of $500,000.

MMC is a ceramic particle-infused aluminum used primarily in the automotive and rail industries for lightweight, wear-resistant components. Cymat already uses the material as the primary input for its stabilized aluminum foam products, the company said.

Shares of Rio Tinto were up 2% in Tuesday trading.

Price: $90.88, Change: $+1.81, Percent Change: +2.03%

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