Rare-Earth Magnet Maker to Build $1B Factory in North Carolina in Bid to Expand Domestic Supply

Rare-earth magnet maker to build $1B factory in North Carolina in bid to expand domestic supply

Rare-earth magnet company Vulcan Elements revealed plans Tuesday to build a $1 billion factory in Benson, North Carolina, as U.S. companies look to compete with China over rare-earth dominance.

Vulcan Elements becomes JDIG investment

On Nov. 18, Gov. Josh Stein announced that Triangle start-up, Vulcan Elements, which manufactures rare-earth magnets, has promised to invest $918.1 million in Benson, located in Johnston County.  “The Vulcan Elements announcement is yet another example of policymakers utilizing the JDIG to benefit politically favored companies rather than creating a level playing field for all businesses,” Joseph Harris, fiscal policy analyst for the John Locke …

Rare earths business Vulcan Elements plans $1B project

RTP-based Vulcan Elements says it’s going to build a $1 billion magnet factory in Johnston County, pledging to create 1,000 new jobs. To secure the project, state and local governments put together a $120.1 million incentives package. The largest components are $52.1 million and $42.6 million in givebacks from Johnston County and Benson, respectively. Benson is about 30 miles south of Raleigh. Officials say the incentives helped beat Ohio for a …