Vulcan Elements Selects Johnston County for 1,000-Job Magnet Factory
Udgivelsesdato:Vulcan Elements, a manufacturer of Neodymium Iron Boron rare earth magnets, has selected Benson, North Carolina, for a $1 billion rare earth magnet manufacturing facility. Founded in Research Triangle Park, Vulcan Elements recently announced a $1.4 billion partnership with the U.S. government to expand to 10,000 metric tonnes of magnet manufacturing capacity – a critical milestone toward onshoring an essential supply chain for American economic dynamism and national security. The company will execute this partnership in its newly announced facility in Benson, which is expected to exceed 1 million square-feet and create 1,000 jobs.
Vulcan Elements was founded in 2023. Its site search took place during the past year as the company considered locations across numerous states. Benson accommodated Vulcan’s need for scale, power, transportation systems and workforce. Its personnel will be drawn regionally and include a broad range of technical, scientific and logistics professionals — making Benson’s equidistance to Triangle research universities and eastern North Carolina’s numerous military bases a key selection factor.
“Johnston County’s support for Vulcan’s mission and commitment to our site search were clear at every step,” says John Maslin, CEO of Vulcan Elements. “From the beginning, the County understood Vulcan Elements’ aggressive timeline for expansion, and fully aligned with the company’s needs to drive its long-term success: world-class talent, robust and reliable infrastructure, and high-quality workforce training. In the years ahead, Vulcan looks forward to building on this foundational relationship with the County as we create 1,000 new jobs and continue to draw on and invest in the best qualities of the County,” Maslin adds.