Vulcan Elements to Build $1B Magnet Factory in N.C.
11/19/2025, 8:06:48 PM | China | United States
Aerospace
Vulcan Elements will build a $1B neodymium magnet factory in Johnston County, backed by federal and state incentives and creating 1,000 jobs.
RTP-based Vulcan Elements will invest about $1 billion to expand a Benson, Johnston County site into a 1 million-square-foot magnet factory, promising roughly 1,000 jobs.
The plan calls for upfitting a current 500,000 sq ft building near I-95 and I-40 and producing up to 10,000 metric tons of neodymium iron boron magnets per year. The company must spend $918.1 million by 2029 to meet incentive conditions.
State and local governments assembled a $120.1 million incentive package, including roughly $52.1 million from Johnston County and $42.6 million from Benson. North Carolina contributions feature a $17.6 million Job Development Investment Grant, workforce and training supports, and other targeted grants; Johnston County added $250,000.
The federal government is backing the project with a $620 million Department of Defense loan and $50 million from the Department of Commerce, and it will take a $50 million equity stake as part of the deal. Officials say the incentives helped secure the site over competing offers from Ohio.
Vulcan plans to make neodymium magnets used in data centers, robotics, semiconductors, electric vehicles and defense systems — a strategic move as China currently dominates rare-earth mining and magnet production.