General Motors (GM) and Sumitomo Special Metals independently discovered the Nd2Fe14B compound almost simultaneously in 1984. The research was initially driven by the high raw materials cost of SmCo permanent magnets, which had been developed earlier. GM focused on the development of melt-spun nanocrystalline Nd2Fe14B magnets, while Sumitomo developed full-density sintered Nd2Fe14B magnets. GM commercialized its inventions of isotropic Neo powder, bonded neo magnets, and the related production processes by founding Magnequench in 1986 (Magnequench has since become part of Neo Materials Technology, Inc., which later merged into Molycorp). The company supplied melt-spun Nd2Fe14B powder to bonded magnet manufacturers. The Sumitomo facility became part of the Hitachi Corporation, and has manufactured but also licensed other companies to produce sintered Nd2Fe14B magnets. Hitachi has held more than 600 patents covering neodymium magnets.