Nidec signs five-year off-take agreement with Noveon for more than 1,000 tonnes of magnets
Nidec and Noveon signed a binding five-year off-take agreement covering potential deliveries of more than 1,000 tonnes of finished sintered NdFeB magnets beginning in 2025.
Evidence notes
- The agreement supports Nidec operations across automation, industrial and defense applications.
- Noveon will supply EcoFlux finished magnets over the five-year term.
- The contract gives Noveon a quantified multi-year demand commitment as it scales U.S. manufacturing.
Company context
Noveon Magnetics manufactures sintered NdFeB rare-earth permanent magnets and magnetic assemblies in San Marcos, Texas, using virgin or recycled feedstock.