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Materials/Manufacturing

MP Materials Awarded $58.5 Million Tax Credit for Magnet Manufacturing Plant in Fort Worth 

May 9, 2024 Editorial Staff Comments Off on MP Materials Awarded $58.5 Million Tax Credit for Magnet Manufacturing Plant in Fort Worth 

MP Materials has received a $58.5 million federal tax credit to support the construction of its rare earth magnet manufacturing plant in Fort Worth, Texas. The Section 48C Advanced Energy Project tax credit allocation was issued by the IRS and Treasury following a competitive, oversubscribed process administered by the Department of Energy that evaluated the technical and commercial viability and environmental and community impact of approximately 250 projects. A similar award for a $111 million tax credit went to an American subsidiary of Vacuumschmelze recently for its new magnet plant in South Carolina, as reported earlier in Magnetics Magazine.  […]

Electromagnetics

Wurth Electronics Midcom Builds New Headquarters in South Dakota 

May 8, 2024 Editorial Staff Comments Off on Wurth Electronics Midcom Builds New Headquarters in South Dakota 

Wurth Electronics Midcom held a ground-breaking ceremony April 24 for construction of a new 70,000 sq ft headquarters facility at its site in Watertown, South Dakota. A business unit of the Wurth Elektronik group of companies based in Germany, it manufactures a broad range of electromechanical and electronic components, many of them magnetic devices. […]

e-Power Technology

KAMIC Group in Sweden Emerges As Global Force in Magnetic Engineering 

May 6, 2024 Editorial Staff Comments Off on KAMIC Group in Sweden Emerges As Global Force in Magnetic Engineering 

Making multiple acquisitions at a fast pace, Swedish-based KAMIC Magnetics Group is emerging as a growing force in magnetic engineering globally, at latest count representing an enterprise of eight specialist magnetics components businesses. Five of them came together in one stand for the first time at the Engineering Design Show in the UK last fall and, for the first time in North America, at APEC 2024 (Applied Power Electronics Conference) in February, to demonstrate their combined portfolio. […]

Materials/Manufacturing

GKN Powder Metallurgy Gets New CEO & Builds Its Magnet Business Signing Schaeffler as Key Customer in Automotive Electrification 

April 23, 2024 Editorial Staff Comments Off on GKN Powder Metallurgy Gets New CEO & Builds Its Magnet Business Signing Schaeffler as Key Customer in Automotive Electrification 

Dowlais Group Plc, the recently established parent company of GKN Powder Metallurgy, has appointed Jean-Marc Durbuis as the new chief executive officer of GKN Powder Metallurgy.  He joined the company in March from Allnex, a supplier of resins and additives to the coating and inks industry where he was executive vice president of one of its global divisions with revenues of over €1 billion. Already a leading supplier of powder metal materials and sintered metal components, GKN PM lately has been expanding aggressively into magnet manufacturing to broaden its portfolio for the electric vehicle market. […]

e-Power Technology

Korean Steelmaker POSCO Establishes ‘China Excluded’ Supply Chain for Rare Earth Magnets in Big Expansion for EV Drivetrain Components 

March 19, 2024 Editorial Staff Comments Off on Korean Steelmaker POSCO Establishes ‘China Excluded’ Supply Chain for Rare Earth Magnets in Big Expansion for EV Drivetrain Components 

Holding big new orders from automakers for permanent magnets and planning to build a globally integrated enterprise for magnet and motor component manufacturing, Korean steelmaker Posco International announced on March 18 that it has successfully […]