This is part of the company’s bid to expand its role in the electric vehicle (EV) market and in response to industry supply chain issues, GKN said.
Plans are to produce up to 4,000 tonnes of permanent magnets per year for the EV market by 2024.
GKN now has project teams focused on magnets at its technical centers in Cinnaminson, USA and Radevormwald, Germany.
“The key driver behind this strategic decision is our understanding of the challenges facing the automotive industry today and tomorrow,” said Diego Laurent, CEO. “As a trusted provider of metal powders and components for the industry, we already have a scalable production footprint. We will leverage our well-established processes and capabilities to align these with the requirements of permanent magnet production.”
