Consultants Forum Advertise
Subscribe
Close

  • Free for qualified executives and consultants to industry

  • Receive quarterly issues of Area Development Magazine and special market report and directory issues

Subscribe Now
Renew

Area Development - Site Selection, Facility Planning and Workforce Development

Vulcan Elements Plans Benson, North Carolina, Production Operations

11/23/2025
Vulcan Elements Inc., a manufacturer of rare earth magnets, plans to establish operations in Benson, North Carolina. The $918.1 million project is expected to create 1,000 jobs in Johnston County.

The investment will include the construction of a new production facility which will have a magnet manufacturing capacity of 10,000 metric tons.

“North Carolina is a natural home for Vulcan Elements’ 10,000 metric ton facility,” said John Maslin, CEO of Vulcan Elements. “We need to draw on world-class talent, innovation, and infrastructure as we secure one of the 21st century’s most important supply chains. As home to our current commercial facility, North Carolina has proven that it has all three. As we create 1,000 new American jobs, we’ll tap into the region’s deep bench of experience across industries – from engineers and technicians who understand hardware and manufacturing to veterans who have spent their careers managing complex supply chains, operating heavy equipment, and serving their country.”

The project will be supported, in part, by a Job Development Investment Grant (JDIG), which was approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $2.6 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $17,584,500, spread over 12 years. State payments occur only following performance verification each year by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project’s projected return on investment of public dollars is 65 percent, meaning for every dollar of potential cost to the state, the state receives $1.65 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

“This major expansion by Vulcan Elements is why North Carolina continues to be recognized as the best state to do business in America,” noted N.C. Commerce Secretary Lee Lilley. “North Carolina brings a world-class workforce, a business-friendly environment, and an incredible research network to support our shared goals of national security, innovation, and great jobs.”

Because Vulcan Elements chose a site in Johnston County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $5,861,500 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities anywhere in the state finance infrastructure upgrades necessary to attract future business.

The state also anticipates providing additional support to the project from the North Carolina General Assembly, including as much as $250,000 for road improvements.

"Numbers tell an exciting story about Vulcan Elements' arrival to Johnston County and the Town of Benson, but this project speaks just as compelling to our spirit of collaboration and strong sense of duty to the nation — and you can't assign a dollar value to that," added Chris Johnson, Director of the Johnston County Office of Economic Development. "I'm proud to have worked alongside so many dedicated partners who came together to pave the way for this huge win for our community and our nation.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other partners in the project include the North Carolina General Assembly, Commerce’s Division of Workforce Solutions, Commerce’s Office of Science, Technology & Innovation, the North Carolina Department of Transportation, the University of North Carolina System, the North Carolina Community College System, Johnston Community College, the Golden LEAF Foundation, South River Electric Membership Corporation, I-95/I-40 Crossroads of America Economic Development Alliance, Johnston County, the Johnston County Economic Development Corporation, and the Town of Benson.

Vulcan Elements manufactures rare earth magnets, specifically neodymium iron boron (NdFeB) magnets, which are critical for technologies like electric vehicles, AI data centers, and defense systems.

Exclusive Research