@HiDiHi, I agree that if 4N HPA (for LEDs, Sapphire & Battery...

@HiDiHi, I agree that if 4N HPA (for LEDs, Sapphire & Battery separators) made up a large portion of their revenue, and their revenue/profit was not increasing over the last few years, this would indicate 4N prices not increasing.

While I cannot figure out precisely what proportion of their revenue has been from the same product that ATC will produce, it looks to be a small/non-existent proportion...

"Polishing is Baikowski's first market with 40% of sales (automotive, electronics, glass,etc.) in front of niche markets (ceramics, spinels, etc.) with 40% of sales and lighting with20%. In recent years Baikowski has focused on growing niche sectorslike the YAG (LED), the Sapphire (watches) or the CMP (semiconductors) abandoning specializationscompany history in end-of-life markets such as traditional lighting"

"Ultra-pure alumina: a niche sector with a high level of technicality

The market for ultra-pure alumina (HPA) is a growing market which should reach the$ 6 billion in 2024, compared to almost $ 2 billion in 2016, representing an average annual growth rate of20% between 2016 and 2024 3 . The ultra-high purity market (min 3N) accessible to Baikowskirepresents 10 to 15% of the total. Ultra-pure alumina is a powder derived from oxidealuminum which has various applications such as watch glass, LEDs,lithium batteries, semiconductors or optical lenses. The maincharacteristics of ultra-pure alumina reside in its robustness, its transparency and itsheat resistance."

"6.2.3.3 Breakdown of turnover by segment
In % 2016 2017
Traditional lighting 23 17
Polishing 27 40
Other 50 43
Consolidated turnover 100 100"