In a flurry of recent deals, USA Rare Earth has completed its $100 million-plus acquisition of Less Common Metals in the UK while simultaneously leveraging the purchase through important supply transactions involving Arnold Magnetic Technologies and Permag in the U.S., along with chemicals company Solvay headquartered in Belgium.
They come as USAR prepares to commission its foundational magnet manufacturing plant in Oklahoma in early 2026, all poising the company to become a new global player in rare earth mine-to-magnets capability. A new CEO and other executives have been brought on board for the ramp up.
Supply deal with Arnold Magnetics
The agreement with Arnold, a major magnet technology company based in the U.S., was announced December 4 as USAR’s new subsidiary Less Common Metals consummated the transaction. Leveraging LCM’s metal and alloy making expertise, the agreement is designed to ensure a reliable, ex-China source of high-quality rare-earth materials for Arnold’s production of advanced permanent magnets.
“This collaboration exemplifies the type of industrial partnerships that are rebuilding strength and resilience across the rare-earth ecosystem outside of China,” said Barbara Humpton, newly appointed CEO of USAR. “LCM’s role demonstrates the strategic importance of secure, reliable sourcing, and how collaboration between trusted partners can guarantee sustainable access to critical rare-earth materials for global magnet manufacturers.”
Closing the LCM deal
The acquisition of LCM was completed on November 18. Plans and details about the strategy for it were unveiled in late September, as previously reported in Magnetics Magazine. From its headquarters in Ellesmere Port located north of Chester, LCM manufactures samarium, samarium cobalt and neodymium praseodymium rare earth metals and alloys. The acquisition by USAR marks a major milestone in its strategy to build a fully integrated, end-to-end rare earth supply chain, providing access to high-quality rare-earth metal and strip cast alloy for its customers and supporting the new magnet facility in Oklahoma.
“Closing the acquisition of LCM represents a transformative advancement of our mission to secure and strengthen the U.S. rare earth supply chain. Metal making is a crucial component of the magnet manufacturing process, and LCM brings proven expertise and world-class capabilities as the premier provider of rare earth metal, alloys, and strip casting at scale outside of China,” said Humpton.
“We will move quickly to establish rare earth metal making in the United States, while simultaneously investing to expand LCM’s capabilities in the UK and Europe,” she added. “Strengthening this fragile link in the supply chain is key to building resilient, independent supply to serve growing demand across critical sectors including defense, semiconductors, and aerospace components.”
LCM will continue to serve its global customer base with a broad portfolio of rare earth and critical metals and alloys, while supplying neodymium iron boron strip cast alloy to USAR’s magnet plant. Purchase terms were $100 million in cash and 6.74 million shares of USAR common stock.
Solvay and Permag deals
On November 20, USAR announced that LCM, which has many government and industry collaborations throughout Europe, has established a strategic partnership with Brussels-based Solvay whereby the multinational chemical company will supply rare earth metals to Permag, another major producer of high-precision magnets and magnetic assemblies headquartered in the U.S. As previously reported in Magnetics Magazine, Permag was formed earlier in 2025 as the new brand for Magnetics Holdings which represents a roll-up of three American magnetics companies — Dexter Magnetic Technologies, Magnetic Component Engineering, and Electron Energy Corporation.
The partnership aims at providing a resilient, secure supply of samarium material for the European market and Permag’s global customer base. Under the agreement, LCM will apply its metallization expertise to produce Samarium materials using oxides concentrated and separated by Solvay. Samarium is a critical input for high-performance magnets and assemblies essential to advanced manufacturing, defense, and clean-energy technologies. The collaboration will enable Permag to meet rising demand for samarium magnets over the next three to five years.
“This collaboration demonstrates the immense value of LCM and reinforces our excitement to have the company within USA Rare Earth’s magnet-to-mine supply chain,” said Humpton. “LCM’s proven metal-making expertise and ability to deliver secure supply will strengthen Europe’s access to rare-earth materials, underscoring the importance of reinforcing this critical link in the supply chain. Partnerships like this connect our allied industrial base and move us closer to a resilient, independent ecosystem that serves Europe, the United States, and our shared security and economic priorities.”
New execs at USAR
Hired in October, Humpton is among several new leaders recently appointed at USAR. Most recently she served as president and CEO of Siemens USA since 2018, previously serving as CEO of Siemens Government Technologies, and formerly as a vice president at Booz Allen Hamilton, and vice president at Lockheed Martin. She also serves on the Board of Directors of the Federal Reserve Bank of Richmond.
Other recent appointments include:
- Ron Fogarty as vice president of sales, charged with securing supply agreements for 2026 and building a sales and support organization to deliver the company’s expectations for growth. Previously, he was vice president of sales for ABB.
- David Bushi as senior vice president of manufacturing.
- Alex Moye as vice president of mining, charged with driving development and extraction planning for the company’s deposit in Texas.
