R H A B P 10 In September, 1998, Arnold announced the forma on of Jade Magne cs, Ltd., a joint venture company with manufacturing opera ons in Shenzhen, PRC. Jade Magne cs was owned 60% by Arnold and 40% by Green Cartridge Company, Ltd. Jade's business scope included the produc on of specialized magne c assemblies and bonded magnets for automo ve and reprographic applica ons. Jade represented Arnold's ini al manufacturing opera ons in the Asia- Pacific region. On August 16, 2000, Arnold acquired full ownership of Na onal- Arnold Magne cs, Adelanto, California. The wound core business was sold to Magne c Metals in February 2003. In October 2001, the Sevierville, Tennessee Ferrite manufacturing plant was closed as a result of a shi to this type of produc on to China. In August 2002, Arnold Magne cs Ltd. started opera on in a purpose-built facility for the manufacture of so magne c Powder Cores. The factory complex is located in Fuyong, a suburb of Shenzhen, China, within an hour's travel of Hong Kong. Over 100,000 square feet of modern factory, laboratory and office space and a highly trained workforce of over 175 produces the world's highest quality MPP, Super-MSS and Hi-Flux powder cores for delivery throughout the world. On August 18, 2003, it was announced that Precision Cast Parts Corpora on (NYSE:PCP) had acquired SPS Technologies. Jade Magnetics, Ltd.