ABB Partners with Noveon for U.S. Rare Earth Magnets

ABB has entered into a long-term supply agreement with Noveon Magnetics, an operational U.S. manufacturer of sintered rare earth magnets. Under the terms if the agreement, Noveon will supply ABB with high-performance NdFeB magnets for use in industrial motor applications. The multi-million-dollar deal will support ABB’s North American manufacturing operations, with a ramp-up in deliveries beginning August 2025.

“ABB has a long tradition of serving customers with locally manufactured technologies,” said Ryan Fitts, Executive Vice President of Operations at ABB. “Noveon’s U.S.-based manufacturing, proven quality and scalable capacity help make our supply chain more resilient and enable us to uphold our planned growth strategy in industries such as data centers and HVACR.”

Under the agreement, Noveon will begin monthly deliveries in August 2025 and scale up to supply all magnet parts used in ABB’s North American motor production facility by the end of 2026. Capacity for the deal is secured, underscoring ABB’s confidence in Noveon’s long-term capabilities and product quality.

This strategic partnership comes at a time of growing demand for industrial motors used in critical infrastructure such as cooling towers, water pumps, and building systems. As the need for efficient building technologies accelerates across North America, ABB’s ability to secure a reliable domestic magnet supply is key to ensuring long-term performance and stability.

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