Quadrant Plans Louisville, Kentucky, Rare-Earth Magnet Manufacturing Plant
The company will construct a 171,000-square-foot, rare-earth magnet manufacturing operation which will position the company and community as leaders in attracting a critical and innovative industry back to the U.S., according to state officials.
“We believe Project NeoGrass is the blueprint that the magnetics industry and our customers need,” said Michael Brand, president of Quadrant. “It is a revitalization of rare-earth manufacturing and research and development in the U.S.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $3.4 million in tax incentives based on the company’s investment of $95.2 million and annual targets of creation and maintenance of 200 Kentucky-resident, full-time jobs across 10 years, and paying an average hourly wage of $28.15 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Quadrant can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
“As electric vehicle production continues to ramp up across the automotive sector, we will continue to see growth of EV-related companies in the commonwealth,” Governor Andy Beshear said. “This investment and job creation will position Quadrant to capitalize on a burgeoning market, and I am thrilled to welcome the company’s growth in Kentucky.”
Rare-earth magnets are a type of permanent magnet made from alloys of rare-earth elements produced by Quadrant for use in electric vehicle motors and other automotive applications, consumer electronics, and within the medical, alternative energy and appliance industries, among others.
“We are excited about this major commitment from Quadrant to establish a research and manufacturing campus around advanced technologies here in Louisville,” Mayor Greg Fischer added. “As we look at the future of automotive manufacturing, this investment continues to solidify the Louisville region as a national hub for EV technology and positions our city for the future of technology.”
Founded in 1992, Quadrant is headquartered in San Diego, California, with operations in the U.S., Australia, China, Germany, Japan, South Korea and Vietnam. The company has operated an engineering, machining and assembly hub in Louisville since 2001.
The Evolution of the Megasite
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
Rail Gains Advantage Amidst Supply Chain Snarls
The 2021 Top States for Doing Business Reflect Their Locational Advantages
18th Annual Consultants Survey: Access to Major Markets and Skilled Labor Are Clients’ Primary Concerns
2021 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
Innovative and Collaborative Design Sets the Stage for Life Science Innovation