Nidec and Noveon Magnetics sign rare-earth magnet offtake agreement
Nidec Motors | NIDEC & NOVEON MAGNETICS ENTER OFF-TAKE AGREEMENT FOR RARE EARTH MAGNETS, STRENGTHENING U.S.
Evidence notes
- Under the 5-year agreement, Noveon will supply Nidec with its EcoFlux magnets which offer supply chain stability, reliability, and superior performance.
- 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.
Company context
Noveon Magnetics manufactures sintered NdFeB rare-earth permanent magnets and magnetic assemblies in San Marcos, Texas, using virgin or recycled feedstock.