Noveon Magnetics, a manufacturer of sintered NdFeB rare earth, has recently secured several supply and manufacturing agreements in Asia, Europe and Australia. Beginning in November, 2025, Noveon Magnetics signed a memorandum of mnderstanding with Kangwon Energy Co., Ltd. to establish a 2,000-ton annual production capacity sintered NdFeB rare earth permanent magnet factory in South Korea. The joint venture marks a significant step forward in Noveon’s global expansion strategy and will bolster regional supply chains for automotive, industrial, defense, electronics and energy systems.
“This partnership represents a major milestone in Noveon’s mission to build a secure, diversified, and resilient rare earth magnet supply chain outside of China,” said Scott Dunn, CEO of Noveon. “By combining Noveon’s advanced rare earth magnet manufacturing capabilities with Kangwon’s market-leading process and plant-engineering expertise along with its strong customer connectivity across Korea’s tier-1 manufacturing ecosystem, we’re accelerating our global growth strategy and ensuring Korean industries – from automotive to industrials and beyond – have reliable access to these critical components.”
Noveon and Kangwon will jointly design, build and operate the new sintered NdFeB magnet facility, leveraging Noveon’s proprietary magnet production and recycling technologies and Kangwon’s end-to-end engineering, procurement and construction capabilities spanning powder handling, mixing, thermal treatment, environmental compliance, utilities integration, and factory automation – capabilities proven across Korea’s secondary battery value chain. The partnership aims to localize production to meet the rapidly growing demand for non-Chinese rare earth permanent magnets in the Korean market and broader Asia-Pacific region while strengthening global supply chain resilience.
The agreement underscores the close trading, investment, and strategic relationship that exists between the United States and South Korea and will enable South Korea to diversify an industrial supply chain of critical importance to its economy.
“We are proud to partner with Noveon Magnetics to bring next-generation rare earth permanent magnet manufacturing to Korea,” said Jinyong Shin, CEO of Kangwon Energy. “Drawing on Kangwon’s deep bench in secondary battery process equipment and plant EPC, we will de-risk and shorten the path from design to ramp, integrate best-in-class process controls and environmental systems, and support our customers’ transition to reliable, diversified magnet supply. This joint venture will not only support our nation’s industrial growth but also advance our shared vision of a resilient and sustainable global supply chain.”
The planned facility is expected to begin production in 2027, supplying up to 2,000 tons of high-performance sintered NdFeB magnets annually. It will serve Korean automakers, renewable energy developers, defense contractors, and electronics manufacturers seeking reliable, diversified sources of critical magnet materials.
Solvay Deal
Later in the month, Noveon and Belgium based chemical giant, Solvay SA announced the execution of a supply agreement for light and heavy rare earth materials. Solvay will supply Noveon with rare earth oxides starting in 2026.
“This agreement strengthens our ability to deliver reliable, American-made magnet solutions to industries that depend on them most,” said Dunn. “By working with Solvay, we are building a resilient supply chain at a time when the U.S. needs it most.”
Solvay will supply Neodymium-Praseodymium (NdPr), Dysprosium (Dy) and Terbium (Tb) oxides to Noveon. These oxides will be extracted, among other sources, from end of life materials and advance Noveon’s production of finished rare earth magnets for key customers.
“Partnering with Noveon allows us to apply Solvay’s expertise to supply essential resources for high-performance applications,” said An Nuyttens, President of Solvay Special Chem. “This collaboration is part of Solvay’s broader commitment to sustainable and secure rare earth supply chains, both in Europe and abroad.”
Australian Strategic Materials
Early in December 2025, rare earths metal producer, Australian Strategic Materials, announced a further sale of 60 tons of high-purity NdFeB alloy to Noveon Magnetics under an existing supply contract.
The alloy, produced at ASM’s Korean Metals Plant, will support Noveon’s production of permanent magnets for defense, energy technologies and electric vehicle applications in the United States. “This follow-on sale to Noveon is a strong endorsement of ASM’s capability to deliver high-quality, specification-driven alloy products to global customers,” said Rowena Smith, ASM Managing Director. “It reflects the growing momentum in the market and the increasing demand for reliable, transparent supply chains for critical materials.”
The growing volume of commercial sales, such as this one, provides a strong foundation for the development of a US-based facility, which would further strengthen ASM’s position as one of the very few non-China suppliers of critical metals and alloys. ASM and Noveon are now in discussions regarding a potential long-term agreement for further supply of alloy.
For more info: www.noveon.com, www.kangwon-energy.co.kr, www.solvay.com, www.asm-au.com.
