Operating now as Noveon, the magnet recycling company in Texas which began as Urban Mining Co., continues to push forward in its plan to become a significant force in supplying new magnets and magnetic components into the American supply chain from recycled magnets.
According to a recent article in Recycling Today, CEO Scott Dunn says Noveon has developed relationships with original equipment manufacturers, including collecting all the rotor subassemblies from about eight Toyota Motors plants in North America, and recyclers in North America. The company is teaching its raw material suppliers how to disassemble items to facilitate rare earth magnet recovery. The article includes information about the company’s recycling and manufacturing processes.
In an article in Austin Business Journal in February, it was reported that in the two years it’s taken to get its facility up and running, Noveon leaders have been raising capital; Dunn said they are gearing up to announce the results of a capital campaign that should top $100 million. The company has also been building its workforce and now employs about 60, with plans to go grow to more than 100 within the next two years.
The information in both reports has been generally confirmed to Magnetics Magazine by Noveon. For more info, see www.noveon.co.