ABB SELECTS NOVEON MAGNETICS FOR LONG-TERM AGREEMENT TO SUPPLY U.S.-MADE RARE EARTH MAGNETS

Noveon's EcoFlux™ Magnets Provide High-Performance, American-Made Solutions to Power ABB's North American Operations

SAN MARCOS, Texas, Aug. 14, 2025 /PRNewswire/ -- Noveon Magnetics, an operational U.S. manufacturer of sintered rare earth magnets, today announced a long-term supply agreement with global technology leader ABB to provide 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.

"We're proud to partner with ABB to support the motors that power essential systems across industries, supporting trends in electrification, and industrial AI," said Scott Dunn, CEO of Noveon Magnetics. "This agreement is another example of how U.S. manufacturing leadership and smart supply chain planning are helping global companies navigate volatility and meet rising demand."

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.

"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 HVAC."

Noveon's proprietary EcoFlux™ magnets enable greater resource efficiency, the beneficial use of recycled materials, and the delivery of a superior high-performance product. Built on an innovative, vertically integrated manufacturing process, EcoFlux™ magnets can be tailored to meet a wide range of customer specifications. Under the multi-year agreement, Noveon will supply ABB with EcoFlux™ magnets specially engineered to meet ABB's high-temperature performance requirements, ensuring durability and efficiency in the most demanding industrial environments.

As the only operational U.S. manufacturer of sintered NdFeB magnets, Noveon continues to scale to meet demand from sectors including industrial, clean energy, defense, and automotive, driving forward a new era of domestic critical materials manufacturing in the United States.

About Noveon Magnetics
Noveon Magnetics is a high-performance rare earth magnet manufacturer in the United States. Noveon's product and process capability, EcoFlux™, supports a total magnet manufacturing capability which allows for (i) greater resource efficiency, (ii) beneficial use of recycled materials to directly support magnet manufacturing, and (iii) delivery of a superior high-performance finished product that meets the full range of commercial demand requirements. Noveon's magnets offer a secure supply chain solution and support a wide range of critical applications – electric vehicles, wind turbines, robots, motors, pumps, and an array of military systems – that are key to energy efficiency, electrification, and national security. More information is available at https://noveon.co/.

About ABB
ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this 'Engineered to Outrun'. The company has over 140 years of history and around 110,000 employees worldwide. ABB's shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com

ABB Motion, a global leader in motors and drives, is at the core of accelerating a more productive and sustainable future. We innovate and push the boundaries of technology to contribute to energy efficient, decarbonizing and circular solutions for customers, industries and societies. With our digitally enabled drives, motors and services we support our customers and partners to achieve better performance, safety and reliability. To help the world's industries outrun – leaner and cleaner, we deliver motor-driven solutions for a wide range of applications in all industrial segments. Building on over 140 years of domain expertise in electric powertrains, our more than 23,000 employees across 100 countries learn and improve every day. go.abb/motion

SOURCE Noveon Magnetics