e-VAC to build rare earth permanent magnet manufacturing plant in South Carolina
e-VAC Magnetics has announced plans to open its first U.S. facility in Sumter County, South Carolina. The company, which specializes in manufacturing rare earth permanent magnets, will invest more than $500 million into the project, creating 300 new jobs in the process. e-VAC, which is a part of the VAC Group (VAC), focuses on producing rare earth neodymium-iron-boron (NdFeB) magnets, an essential component of many industries, including automotive, defense, industrial, and renewable energy. The new plant, located on 85 acres of land, will produce permanent magnets for electric vehicles and defense applications. Operations at the new facility are expected to begin in 2025. e-VAC will receive job development credits from the S.C. Coordinating Council for Economic Development, which also awarded a $13 million Rural Infrastructure Fund grant to Sumter County to help with the project.
In a recent quote, VAC Group Chief Executive Officer Dr. Erik Eschen said, “e-VAC is grateful for the support of the State of South Carolina, Governor Henry McMaster, Senator Lindsey Graham, and Representatives Jim Clyburn and Ralph Norman. We are excited to become a member of the Sumter County community. This project represents a significant commitment by VAC to re-shore critical process and product technology, creating good paying and highly skilled jobs for residents of the community. With this support, we will directly contribute to U.S. energy independence and national security."
Investing in American Manufacturing - 2024
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