The agreement is said to mark a major step toward building a reliable and resilient U.S. supply chain for sintered NdFeB rare earth magnets, critical components of advanced electric technologies.
ST. LOUIS and SAN MARCOS, Texas—Nidec Motor Corporation and Noveon Magnetics recently entered into a five-year, binding off-take agreement with the potential to supply more than 1,000 tons of total off-take of finished sintered NdFeB rare earth magnets. The agreement supports Nidec’s operations across critical sectors, including automation, industrial, and defense applications, with deliveries beginning in 2025, according to a release from Noveon Magnetics.
“As a leading global motor manufacturer, Nidec is excited to partner with Noveon to ensure we meet the needs of our customers while supporting efforts to develop a robust supply chain for critical components essential to our industries,” said Michael Briggs, president of Nidec Motion & Energy, in the release. “Noveon’s EcoFlux™ magnets deliver a sustainable, superior finished product for our business units, enhancing the high standard of performance and quality we deliver to our customers. This partnership further reinforces the importance of a strong U.S. manufacturing capability, and we are proud to lead the way in building a sustainable, resilient, and strategically vital domestic supply chain for our future.”
Noveon said it is the only operational manufacturer of sintered NdFeB rare earth magnets in the United States. Noveon’s EcoFlux™ magnets are the product of a total magnet manufacturing capability that reportedly allows for greater resource efficiency, beneficial use of recycled materials to directly support magnet manufacturing, and delivery of a superior high-performance product. Under the five-year agreement, Noveon will supply Nidec with its EcoFlux™ magnets, which offer supply chain stability, reliability, and superior performance, the company said.
“Securing a reliable and sustainable American-made source of rare earth magnets allows Nidec to enhance its operational resilience and competitive advantage while contributing to the broader effort to strengthen U.S. manufacturing capacity in strategically important sectors,” said Mark Weisheit, vice president of procurement at Nidec Motion & Energy, in the release.
“This agreement is a critical step in strengthening America’s industrial base and ensuring the availability of advanced rare earth magnet technology for our nation’s most strategic industries,” said Scott Dunn, CEO of Noveon Magnetics, in the release. “Together with Nidec, we are advancing a domestic solution to meet the growing demand for high-performance materials across critical sectors—industrial, automation, robotics, automotive, energy, and defense—while addressing the geopolitical and operational challenges posed by a reliance on foreign supply chains.”