NOVEON AND SOLVAY FORGE PARTNERSHIP FOR LIGHT & HEAVY RARE EARTH MATERIALS SUPPLY

American Rare Earth Magnet Manufacturer to Strengthen U.S. Magnet Supply Chain with Purchase of Light & Heavy Rare Earth Oxides

BRUSSELS and SAN MARCOS, Texas, Nov. 12, 2025 /PRNewswire/ -- Noveon Magnetics and Solvay today announced the execution of a supply agreement for light and heavy rare earth materials. Under the said agreement, Solvay will supply Noveon with rare earth oxides starting in 2026. The partnership is a significant step toward establishing a sustainable supply chain for rare earth permanent magnets.

"This agreement strengthens our ability to deliver reliable, American-made magnet solutions to industries that depend on them most," said Scott Dunn, CEO of Noveon Magnetics. "By working with Solvay, we are building a resilient supply chain at a time when the U.S. needs it most."

Under the terms of this supply agreement, Solvay will supply Neodymium-Praseodymium (NdPr), Dysprosium (Dy) and Terbium (Tb) oxides to Noveon. These oxides will be extracted, among other sources, from end of life (EOL) materials and advance Noveon's production of finished rare earth magnets for key customers.

"Partnering with Noveon allows us to apply Solvay's expertise to supply essential resources for high-performance applications," said An Nuyttens, President of Solvay Special Chem. "This collaboration is part of Solvay's broader commitment to sustainable and secure rare earth supply chains, both in Europe and abroad."

This strategic agreement comes amid rising demand for domestically produced rare earth magnets. By combining Solvay's chemistry expertise with Noveon's manufacturing capabilities, the partnership offers near-term, fully functioning production capacity at a time when new domestic capacity faces long lead times and global supply risks persist.

About Noveon Magnetics
Noveon Magnetics, the only operational manufacturer of sintered NdFeB rare earth magnets in the United States and the first to reshore them in over 20 years. Through its proprietary EcoFlux™ technology, Noveon delivers a fully domestic, closed-loop magnet manufacturing capability that maximizes resource efficiency, allows for the beneficial use of recycled materials, and produces superior high-performance finished magnets that meet the full range of commercial and industrial demand. Noveon's products provide a secure and resilient supply chain solution for critical applications including electric vehicles, wind turbines, robotics, motors, pumps, data storage, consumer electronics, and defense systems. Learn more at https://noveon.co/.

About Solvay
Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay's pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of around 9,000 employees. Since 1863, Solvay harnesses the power of chemistry to create innovative, sustainable solutions that answer the world's most essential needs such as purifying the air we breathe and the water we use, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay's unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.7 billion in underlying net sales in 2024, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit solvay.com or follow Solvay on LinkedIn.

SOURCE Noveon Magnetics