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NOVEON MAGNETICS AND KANGWON ENERGY SIGN MOU TO BUILD 2,000-TON RARE EARTH MAGNET PRODUCTION FACILITY IN KOREA
Noveon Magnetics, the only operational manufacturer of sintered NdFeB rare earth magnets in the United States and the first to reshore them in over 20 years, today announced a signed Memorandum of Understanding (MOU) with Kangwon Energy Co., Ltd. to establish a 2,000-ton annual production capacity sintered NdFeB rare earth permanent magnet factory in South Korea. The joint venture marks a significant step forward in Noveon's global expansion strategy and will bolster regional supply chains for a
About this update from Kangwon Energy Co., Ltd.
[{"type":"text","content":"SAN MARCOS, Texas and SEOUL, South Korea, Nov. 3, 2025 /PRNewswire/ -- Noveon Magnetics, the only operational manufacturer of sintered NdFeB rare earth magnets in the United States and the first to reshore them in over 20 years, today announced a signed Memorandum of Understanding (MOU) with Kangwon Energy Co., Ltd. to establish a 2,000-ton annual production capacity sintered NdFeB rare earth permanent magnet factory in South Korea. The joint venture marks a significant step forward in Noveon's global expansion strategy and will bolster regional supply chains for automotive, industrial, defense, electronics and energy systems.","length":638,"tagName":"p"},{"type":"image","alt":"Noveon and Kangwon Energy Logos","displaySize":"","headline":null,"caption":"Noveon and Kangwon Energy Logos","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":114,"url":"https://media.zenfs.com/en/prnewswire.com/8d046b538a4db42865a9cff4643a1a8a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/.C9qb3QStgEMMl_C3ZGUug--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTIwMTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/8d046b538a4db42865a9cff4643a1a8a","width":400,"height":114}},"href":"https://mma.prnewswire.com/media/2810818/Noveon_and_Kangwon_Energys_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":""This partnership represents a major milestone in Noveon's mission to build a secure, diversified, and resilient rare earth magnet supply chain outside of China," said Scott Dunn, CEO of Noveon Magnetics. "By combining Noveon's advanced rare earth magnet manufacturing capabilities with Kangwon's market-leading process and plant-engineering expertise along with its strong customer connectivity across Korea's tier-1 manufacturing ecosystem, we're accelerating our global growth strategy and ensuring Korean industries – from automotive to industrials and beyond – have reliable access to these critical components."","length":657,"tagName":"p"},{"type":"text","content":"Under the terms of the MOU, Noveon and Kangwon will jointly design, build, and operate the new sintered NdFeB magnet facility, leveraging Noveon's proprietary magnet production and recycling technologies and Kangwon's end-to-end Engineering, Procurement, and Construction (EPC) capabilities spann...