US-based The Elmet Group will invest $124.8 million to acquire a 4.99% stake in Vietnam-based Masan High-Tech Materials, according to a Wednesday company release.

The deal includes long-term agreements for Masan to supply tungsten from its Nui Phao Mine and provide tungsten processing services in Vietnam.

The companies will pursue increased refining throughput, new product development and a broader international customer base, while Elmet will receive a seat on Masan's board.

The transaction is subject to customary regulatory and corporate approvals and is expected to close in the third quarter of 2026.