Agreement Marks Major Step Toward Building a Reliable, U.S. Supply Chain for Sintered NdFeB Rare Earth Magnets, Critical Components of Advanced Electric Technologies
ST. LOUIS and SAN MARCOS, Texas, Feb. 3, 2025 -- Nidec Motor Corporation ("Nidec") and Noveon Magnetics today announced a 5-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, supporting Nidec's operations across critical industries including automation, industrial, and defense applications with deliveries beginning in 2025.
"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. "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 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 which allows for (i) greater resource efficiency, (ii) beneficial use of recycled materials to directly support magnet manufacturing, and (iii) delivery of a superior high-performance product. Under the 5-year agreement, Noveon will supply Nidec with its EcoFlux™ magnets which offer supply chain stability, reliability, and superior performance.
"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.
"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. "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."
About Noveon Magnetics
Noveon Magnetics is the only high-performance rare earth magnet manufacturer in the United States. Noveon's product and process capability, EcoFlux™, supports a total magnet manufacturing capability which allows for (i) greater resource efficiency, (ii) beneficial use of recycled materials to directly support magnet manufacturing, and (iii) delivery of a superior high-performance finished product that meets the full range of commercial demand requirements. Noveon's magnets offer a secure supply chain solution and support a wide range of critical applications – electric vehicles, wind turbines, robots, motors, pumps, and an array of military systems – that are key to energy efficiency, electrification, and national security. More information is available at https://noveon.co/.
About Nidec Corporation, Nidec Motor Corporation, and Nidec Motion & Energy
Nidec Corporation is the world's leading electric motor manufacturer with 2023 revenues of over $16B USD. Founded in 1973 and headquartered in Kyoto, Japan, Nidec is a global company comprised of over 300 group companies and 100,000 employees with operations in more than 40 countries. A pioneer in electrification, Nidec is integral as a world-class global technology provider, localized manufacturer, and development partner in industries ranging from information technology, automotive, appliance, commercial, industrial, and machinery.
Headquartered in St. Louis, Missouri, Nidec Motor Corporation (NMC) is a Nidec company and leading manufacturer of commercial, industrial, and appliance motors and controls. NMC is a core part of Nidec Motion & Energy, a Nidec Business Platform and trusted development partner in multiple high-growth spaces including industrial automation, vehicle electrification, and electrical infrastructure. For more information, visit Nidec's website at www.nidec.com.
This News is brought to you by Qube Mark, your trusted source for the latest updates and insights in marketing technology. Stay tuned for more groundbreaking innovations in the world of technology.
