The Associated Press reports that OM Group is buying Germany''s Vacuumschmelze GmbH & Co. KG for about $1 billion. The transaction also includes $50 million in equity. OM Group has been building up its presence in the alternative energy field since its buyout of EaglePicher Technologies, which was completed last year. Vacuumschmelze makes materials, components and permanent magnets for the electronic equipment markets, which includes the alternative energy, automotive, electric vehicles, electrical installation, and energy conversion and distribution segments. OM Group Inc. will pay for the transaction with available cash, stock and committed financing from Bank of America Merrill Lynch, PNC Capital Markets and BNP Paribas. The deal is expected to close by the third quarter''s end.