Noveon and Kangwon plan 2,000-tonne annual magnet plant in South Korea
Noveon and Kangwon Energy signed an MOU to jointly design, build and operate a South Korean sintered NdFeB magnet factory targeted to begin production in 2027.
Evidence notes
- The planned facility is sized for up to 2,000 tonnes of annual magnet capacity.
- Noveon contributes magnet production and recycling technology, while Kangwon contributes plant engineering, process equipment and EPC capability.
- Target markets include Korean automotive, industrial, defense, electronics and energy customers.
Company context
Noveon Magnetics manufactures sintered NdFeB rare-earth permanent magnets and magnetic assemblies in San Marcos, Texas, using virgin or recycled feedstock.