Niron Magnetics Awarded $52 Million to Advance US Rare-Earth-Free Magnet Manufacturing

URLhttps://www.businesswire.com/news/home/20250121158
SourceBusiness Wire
Date Published01/21/2025

Additional Reshoring Information:

Company/Division name Niron Magnetics
Parent companyNiron Magnetics
Type of work Manufacturing
Reshoring category:Reshoring
Total number of jobs (added or to be added):175
Year reshoring announced:2025
Year reshoring implemented or to be implemented:2026
City reshored to:Sartell
State(s) reshored to:MN
If relevant, work nearshored to:-
Industry(ies):Computer & Electronic Products
Product(s) reshoredRare-Earth-Free Permanent Magnets
What non-domestic negative factors made offshoring less attractive?Green considerations
What domestic positive factors made reshoring more attractive?Government Incentives
Government Incentive dollar amount:52,000,000
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