Quadrant Plans Louisville, Kentucky, Rare-Earth Magnet Manufacturing Plant
01/31/2022
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.
Project Announcements
ValorFlex Packaging Plans Bowling Green, Kentucky, Production Operations
06/30/2025
Neuro.io Plans Terrebonne Parish, Louisiana, Operations
06/30/2025
Germany-Based MTU Maintenance Expands Fort Worth, Texas, MRO Operations
06/30/2025
Cascade Die Casting Group Expands High Point, North Carolina, Manufacturing Operations
06/30/2025
BuildOps Plans Raleigh, North Carolina, Operations
06/30/2025
Point Blank Enterprises Plans Wakulla County, Florida, Operations
06/30/2025
Most Read
-
20th Annual Area Development Gold and Silver Shovel Awards
Q2 2025
-
First Person: Joe Capes, CEO, LiquidStack
Q2 2025
-
The Legal Limits of DEI in Incentives Agreements, Hiring, and Contracting
Q2 2025
-
From Silicon to Server: Mapping the Data Center Supply Chain
Q2 2025
-
39th Annual Corporate & 21st Annual Consultants Surveys: What Business Leaders and Consultants Are Saying About Site Selection
Q1 2025
-
Rethinking Life Sciences Site Selection in a Resilient and Dynamic Market
Q2 2025
-
Top States for Doing Business in 2024: A Continued Legacy of Excellence
Q3 2024