US automaker General Motors (GM) has signed a multiyear supply agreement with Texas-based Noveon Magnetics to secure rare earth magnets for a wide range of vehicle components.
Noveon started production immediately and magnet deliveries began in July to support GM's full-size sport utility vehicles and trucks, Noveon said on Wednesday. It did not disclose volume and financial details.
Noveon is the only manufacturer of sintered neodymium-iron-boron rare earth magnets in the US. It is fully domestic and vertically integrated, according to the company.
With rising demand across auto, defense, energy and other industries, Noveon is increasing capacity.
