City of Stillwater approves $7 million incentive for USA Rare Earth manufacturing facility

URLhttps://www.reporter.net/city-of-stillwater-approv
SourceThe Lebanon Reporter
Date Published06/06/2022
Author NameMichelle Charles
Mentions specific company case(s) of reshoring, kept from offshoring, or transplantYes

Additional Reshoring Information:

Company/Division name USA Rare Earth LLC
Parent companyUSA Rare Earth LLC
Type of work Manufacturing
Reshoring category:Reshoring
Total number of jobs (added or to be added):100
What product(s) and/or service(s) were outsourced domestically?Manufacturing
Year reshoring announced:2022
Domestically, the work will be done:In-house
State(s) reshored to:OK
If relevant, work nearshored to:-
Industry(ies):Castings/Foundries - Subset of Primary Metal Products, Primary Metal Products (not including Foundries and Castings)
Product(s) reshoredmagnets
What non-domestic negative factors made offshoring less attractive?Supply chain interruption risk/Natural disaster risk/Political instability
What domestic positive factors made reshoring more attractive?Government Incentives, Raw Materials Cost, Under-utilized capacity
Government Incentive dollar amount:$7 million incentive for a new company
Find Reshoring Articles