Magnet Manufacturer Bringing 65 Jobs to North Carolina
The ferrite magnet manufacturer--a subsidiary of Hitachi Metals-- expects to invest about $60 million in the plant over the next four years. Presently 65 workers are employed there.
Hitachi Metals North Carolina's ferrite magnet manufacturing base will produce neodymium magnets engineered primarily for use in hybrid and electric vehicles. The new plant will support the company's efforts to expand its magnet supply capacity to meet an increase in global demand.
A $153,700 grant from the One North Carolina Fund helped finance the project.
"Hitachi Metals is pleased to be locating a new rare earth magnet facility in China Grove," said Mikio Yasuoka, Hitachi Metals, Neomax company president. "We look forward to our continued good working relationship with the state of North Carolina, Rowan County and the town of China Grove."
Where to Invest in the Booming Aerospace Manufacturing Industry
2019 Auto/Aero Site Guide
A Site Selector’s Checklist for Locating in the U.S.
Location USA 2019
A Changing Food Manufacturing Industry
2017 Food Processing
Front Line: Manufacturers Look to Nontraditional Locations
The 3 Cs of Successful Site Selection: Company, Culture, and Community
2019 Gold & Silver Shovel Awards: Recipients Garnered Large Job-Creating and Investment Projects in Diverse Industries