Niron Magnetics Advances U.S. Permanent Magnet Manufacturing Plans [Yahoo! Finance]
(SVLLY)
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Source: Yahoo! Finance
Iron Nitride permanent magnets, today announced that it is initiating a formal site selection process for a new high-volume manufacturing (HVM) plant in the U.S. The new plant is intended to significantly expand national production capacity for the next generation of permanent magnets that are critical across automotive, consumer electronics, industrial, and defense sectors. The proposed 1,600,000 square foot project represents Niron Magnetics' second U.S. plant and will enable manufacturing of up to 10,000 tons of Iron Nitride permanent magnets annually. Once operational, the plant will support approximately 1-2% of global permanent magnet market share. The project is anticipated to include $1.8 billion in capital investment and create more than 700 high-quality full-time jobs, representing a major economic development opportunity. "This process is about identifying a partner that shares our commitment to rebuilding U.S. manufacturing capability for technologies that are essentia
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