Vulcan Elements Inc., a fast-growing U.S. manufacturer of rare-earth magnets, will invest $918.1m to build a new one-million-square-foot production campus in Benson, North Carolina, creating 1,000 jobs and establishing the largest magnet manufacturing facility outside China.
The project marks a major scale-up for the company, which currently operates a commercial facility in Research Triangle Park producing Neodymium Iron Boron magnets. These high-performance components are essential to motors, sensors, actuators, and generators across a broad range of technologies, from robotics and satellites to electric vehicles, data centers, and advanced defense systems. With rising demand driven by AI, automation, and electrification, the expansion positions Vulcan Elements at the center of efforts to rebuild domestic capacity for one of the world’s most strategically important supply chains.
“North Carolina is a natural home for Vulcan Elements’ 10,000-metric-ton facility,” said John Maslin, the company’s CEO. “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.”
Maslin emphasized the region’s depth of industrial expertise, noting that the company expects to draw from a workforce that includes engineers, technicians, and military veterans experienced in complex operations, logistics, and equipment management. State officials welcomed the investment as part of North Carolina’s broader emergence as a hub for semiconductor, battery, and advanced materials manufacturing.
The new facility will include administrative, engineering, and production roles, with the expansion projected to deliver more than $81.9m in annual payroll once fully staffed. For Vulcan Elements, the investment represents a pivotal step in reshoring magnet manufacturing and reducing reliance on foreign supply in an industry critical to both economic competitiveness and national security.
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