Noveon and Kangwon to Build NdFeB Magnet Plant

Noveon Magnetics and Kangwon Energy have signed a memorandum to develop a sintered NdFeB permanent magnet plant in South Korea with a planned 2,000-ton annual capacity, targeting production in 2027.

The joint venture will jointly design, build and operate the facility, integrating Noveon’s proprietary production and recycling technologies, including its EcoFlux approach to closed-loop material use, with Kangwon’s EPC strengths in powder handling, mixing, thermal treatment, utilities integration, automation and environmental controls. The partnership emphasizes process controls and factory engineering proven in Korea’s secondary battery value chain.

The project aims to localize non-Chinese NdFeB magnet supply for Korean automakers, renewable energy developers, defense contractors and electronics manufacturers, reducing geopolitical concentration in critical magnet raw materials. Noveon positions the plant as an extension of its strategy to diversify and secure global rare-earth magnet supply chains, pairing U.S. sintered magnet know-how with Korean plant-engineering and customer connectivity.

Officials say the facility will accelerate ramp-up timelines, de-risk production scale-up and strengthen industrial resilience across the Asia–Pacific magnet ecosystem.