Indium Corporation, the Clinton, New York-based materials refiner founded in 1934, extracted North America’s first primary gallium from a commercial alumina refinery in partnership with Rio Tinto in May 2025 — a milestone that signals how far the company has moved beyond its indium origins. With factories across eight countries and annual revenue of approximately $271.6 million, Indium Corporation supplies semiconductor, display, and power electronics manufacturers worldwide.
Indium Corporation Company Overview
Founded in Utica, New York in 1934 and now headquartered in Clinton, NY, Indium Corporation is a privately held refiner, smelter, and specialty materials manufacturer. President and CEO Ross Berntson leads an organisation with global manufacturing in China, Germany, India, Malaysia, Singapore, South Korea, the United Kingdom, and the United States.
The company’s product portfolio spans solders and fluxes, brazing alloys, thermal interface materials (TIMs), sputtering targets, inorganic compounds, and NanoFoil® reactive multilayer foil — a proprietary joining technology used in precision bonding applications. Its customer base runs across consumer electronics, semiconductor packaging, flat panel display manufacturing, photovoltaics, and electric vehicle power modules.
Indium Corporation is not publicly listed. No share price or market capitalisation is publicly available.
Key Products and Markets
Indium tin oxide (ITO) sputtering targets represent the single largest end-use for indium globally, accounting for an estimated 75–80% of annual demand. ITO is the conductive transparent coating used in touchscreens, LCD panels, and thin-film solar cells. Indium Corporation is the Western world’s primary ITO target supplier, positioning it at the centre of every smartphone and flat panel display supply chain.
Beyond ITO, the company manufactures low-temperature solders for semiconductor flip-chip packaging, indium-gallium-tin liquid metal TIMs for high-performance thermal management in EV inverters and AI server chips, and gallium and germanium compounds for compound semiconductor applications. At SEMI-THERM 2026 in March 2026, the company presented liquid metal TIM technology targeting next-generation EV power modules — a direct response to rising thermal loads in silicon carbide packaging.
For current indium pricing benchmarks, see the indium price tracker. Background on the metal’s properties and production is available at what is indium, and the primary demand categories are covered in the top 10 indium uses article.
Indium Corporation and the Critical Minerals Supply Chain
In May 2025, Indium Corporation announced the extraction of the first primary gallium from Rio Tinto’s Vaudreuil alumina refinery in Quebec, processed at Indium Corporation’s R&D facility in Rome, New York. The project targets commercial production of up to 40 tonnes of gallium per year — representing 5–10% of current world gallium output at full scale. It is the first primary gallium production project in North America to reach pilot extraction.
The strategic context is direct. China introduced export controls on gallium and germanium in July 2023, and extended restrictions to indium in 2024. All three metals sit at the core of Indium Corporation’s product platform. By establishing North American gallium refining capacity, the company is positioning itself as a supply chain anchor for Western semiconductor and defence procurement — at exactly the moment government and industry buyers are seeking alternatives to Chinese-controlled supply.
The Rio Tinto announcement is available at riotinto.com. For the full context of China’s export restrictions across critical metals, see top 10 China export control minerals. Current gallium pricing is tracked at gallium price.
Indium Corporation at MMTA Vancouver 2026
Theo D. Ruas, Global Sales Manager for Metals and Compounds at Indium Corporation, is presenting at the MMTA International Minor Metals Conference in Vancouver on 22 April 2026. His session — one of two indium-focused presentations on the main conference day — addresses indium market dynamics alongside Mandy Yin of Zhuzhou Keneng New Material, who will cover the gallium and indium market situation from a Chinese producer perspective.
The pairing of a Western refiner and a Chinese producer on the same panel reflects the structural tension now running through the indium supply chain. MMTA Vancouver brings together approximately 300 industry participants from trading houses, refiners, and end-use manufacturers. More details on the programme are available at the MMTA conference 2026 page.
Company Snapshot
| Founded | 1934, Utica, New York |
|---|---|
| Headquarters | Clinton, New York, USA |
| Status | Private — not publicly listed |
| President & CEO | Ross Berntson |
| Annual Revenue | ~$271.6 million |
| Key Metals | Indium, gallium, germanium, tin |
| Key End Markets | Flat panel displays, semiconductors, EVs, photovoltaics |
| Global Facilities | China, Germany, India, Malaysia, Singapore, South Korea, UK, USA |
| Official Website | indium.com |
What does Indium Corporation produce?
Indium Corporation manufactures indium tin oxide (ITO) sputtering targets, solders and brazing alloys, thermal interface materials, gallium and germanium compounds, and NanoFoil® reactive foil. Its products serve flat panel display manufacturers, semiconductor packaging lines, EV power modules, and photovoltaic producers worldwide.
Where is Indium Corporation headquartered and does it operate globally?
Indium Corporation is headquartered in Clinton, New York, USA. The company operates manufacturing facilities across eight countries: China, Germany, India, Malaysia, Singapore, South Korea, the United Kingdom, and the United States.
What is Indium Corporation’s role in the critical minerals supply chain?
Indium Corporation is the leading Western refiner of indium and a growing producer of gallium. In May 2025, the company extracted the first primary gallium from a North American commercial refinery in partnership with Rio Tinto, targeting up to 40 tonnes per year at full scale. With China’s export controls covering gallium, germanium, and indium, the company is a key alternative supply source for Western manufacturers.
Is Indium Corporation publicly listed?
No. Indium Corporation is a privately held company. No share price or market capitalisation data is publicly available.
What is the connection between Indium Corporation and gallium supply?
In May 2025, Indium Corporation partnered with Rio Tinto to extract the first primary gallium produced at a commercial North American alumina refinery, processed at Indium Corporation’s R&D facility in Rome, New York. The project targets commercial-scale output of up to 40 tonnes per year — equivalent to 5–10% of current world gallium production — and represents the most advanced Western gallium production initiative outside China.
