MP Materials Awarded $58.5 Million to Advance U.S. Rare Earth Magnet Manufacturing

URLhttps://finance.yahoo.com/news/mp-materials-awarde
SourceYahoo Finance
Date Published04/01/2024

Additional Reshoring Information:

Company/Division name MP Materials
Type of work Manufacturing
Reshoring category:Reshoring
Year reshoring announced:2024
Year reshoring implemented or to be implemented:2025
Domestically, the work will be done:In-house
Capital investment ($):58.5
City reshored to:Fort Worth
State(s) reshored to:TX
If relevant, work nearshored to:-
Industry(ies):Castings/Foundries - Subset of Primary Metal Products, Primary Metal Products (not including Foundries and Castings)
Product(s) reshoredrare earth magnets
What non-domestic negative factors made offshoring less attractive?Supply chain interruption
What domestic positive factors made reshoring more attractive?Government Incentives, Govt. Policy and subsidies, Higher productivity
Government Incentive dollar amount:$58.5 million
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