Vulcan Elements Announces Massive Factory In Johnston County
Yesterday, Vulcan Elements, a manufacturer of rare earth magnets, announced plans for a massive production facility in Johnston County. The company plans to invest $918.1 million into the town of Benson, hire over a thousand North Carolinians, and build the largest magnet facility in the world outside of China.
“North Carolina is a natural home for Vulcan Elements’ 10,000 metric ton facility,” said John Maslin, CEO of Vulcan Elements. “We need to draw on world-class talent, innovation, and infrastructure as we secure one of the 21st century’s most important supply chains. As home to our current commercial facility, North Carolina has proven that it has all three. As we create 1,000 new American jobs, we’ll tap into the region’s deep bench of experience across industries – from engineers and technicians who understand hardware and manufacturing to veterans who have spent their careers managing complex supply chains, operating heavy equipment, and serving their country.”
Vulcan Elements opened its first facility in the Research Triangle to produce rare earth magnets. The magnets convert electricity into motion and are required components for virtually all electronic devices.
Along with semiconductors and batteries, rare earth magnets are critical components for almost all technologies that use motors, sensors, generators, or actuators – from hard disk drives, robotics, and drones to satellites, submarines, and nearly every defense system. The accelerating demand for advanced technologies, including artificial intelligence (AI) data centers, robotics, electric vehicles, and military systems, will support the company’s expansion into a 1 million-square-foot site in Benson. This manufacturing plant will achieve 10,000 metric tonnes of magnet production capacity and play a critical role in reshoring the magnet supply chain.
This announcement comes after the company announced an agreement with the Trump administration to bolster American capacity.
This project is expected to grow the state’s economy by $2.6 billion over 12 years. The project is supported by $17 million in incentivese over twelve years. These payments only occur following performance verification each year by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
What They Are Saying:
“Vulcan Elements’ investment today is going to have a global impact as they become the first completely domestic producer of magnets needed for data centers, robotics, semiconductors, cars, and the new economy,” said Senator Benton Sawrey. “Johnston County is excited to be part of this journey, and Vulcan Elements can count on our community and transitioning military personnel to fill these positions and support its next phase of growth.”
“The confidence that Vulcan Elements has to expand to Johnston County is proof that we have the right assets to help innovative start-ups scale their businesses,” said Governor Josh Stein. “With semiconductor chips, batteries, and now magnets, North Carolina is building an innovation and manufacturing hub that will drive the economy of the future.”
“Announcements like this don’t happen by chance,” said Representative Larry C. Strickland. “We appreciate the partnership on both sides of the aisle, the careful preparation by the local officials, and the diligent work of the local and regional economic developers that contributed to Vulcan Elements’ decision to establish its $1 billion factory in Benson.”
“Vulcan, uniquely, and this is what got my attention in Washington, is that Vulcan is fully decoupled from China. We had some earlier conversations, and it was interesting that China tipped their hand to what they intended to do to constrain the American supply chain, or supplies to the United States. So, this is well timed. This is well-timed for the security of our nation. You know, after meeting the Vulcan team in Washington, I immediately realized the need to prioritize Vulcan's efforts,” said U.S. Senator Ted Budd. “I want to give you a few specifics, including the lead to push the Industrial Base Analysis and Sustainment, or the IBAS program funding, also working to reduce barriers to magnet production, and then talking to all of the presidential nominees who come through our Senate offices that are related to Armed Services and the Department of War supply chain. So, if they didn't know about Vulcan, and most of them did know about Vulcan, when I asked them—if they didn't when they came in, they sure did when they left.
