Today Governor Josh Stein announced Vulcan Elements Inc., a manufacturer of rare earth magnets, will invest $918.1 million in the town of Benson to expand its magnet production capacity and establish the largest magnet factory in the world outside of China. The company will add 1,000 new jobs to Johnston County.
“The confidence that Vulcan Elements has to expand to Johnston County is proof that we have the right assets to help innovative start-ups scale their businesses,” said Governor Josh Stein. “With semiconductor chips, batteries, and now magnets, North Carolina is building an innovation and manufacturing hub that will drive the economy of the future.”
Vulcan Elements opened its first facility in the Research Triangle Park to manufacture Neodymium Iron Boron rare earth magnets. These magnets convert electricity into motion and are required components for virtually all electronic devices. Along with semiconductors and batteries, rare earth magnets are critical components for almost all technologies that use motors, sensors, generators, or actuators – from hard disk drives, robotics, and drones to satellites, submarines, and nearly every defense system. The accelerating demand for advanced technologies, including artificial intelligence (AI) data centers, robotics, electric vehicles, and military systems, will support the company’s expansion into a 1 million-square-foot site in Benson. This manufacturing plant will achieve 10,000 metric tonnes of magnet production capacity and play a critical role in reshoring the magnet supply chain.
“North Carolina is a natural home for Vulcan Elements’ 10,000 metric ton facility,” said John Maslin, CEO of Vulcan Elements. “We need to draw on world-class talent, innovation, and infrastructure as we secure one of the 21st century’s most important supply chains. As home to our current commercial facility, North Carolina has proven that it has all three. As we create 1,000 new American jobs, we’ll tap into the region’s deep bench of experience across industries – from engineers and technicians who understand hardware and manufacturing to veterans who have spent their careers managing complex supply chains, operating heavy equipment, and serving their country.”
“This major expansion by Vulcan Elements is why North Carolina continues to be recognized as the best state to do business in America,” said N.C. Commerce Secretary Lee Lilley. “North Carolina brings a worldclass workforce, a business-friendly environment, and an incredible research network to support our shared goals of national security, innovation, and great jobs.”
New positions for the company include administrative, engineering, and production staff. These new jobs could create a potential annual payroll impact of more than $81.9 million for the region.
Vulcan Elements’ expansion in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG), which was approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $2.6 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $17,584,500, spread over 12 years. State payments occur only following performance verification each year by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
The project’s projected return on investment of public dollars is 65 percent, meaning for every dollar of potential cost to the state, the state receives $1.65 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Vulcan Elements chose a site in Johnston County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $5,861,500 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities anywhere in the state finance infrastructure upgrades necessary to attract future business.
The state also anticipates providing additional support to the project from the North Carolina General Assembly, including as much as $250,000 for road improvements.
“Vulcan Elements’ investment today is going to have a global impact as they become the first completely domestic producer of magnets needed for data centers, robotics, semiconductors, cars, and the new economy,” said Senator Benton Sawrey. “Johnston County is excited to be part of this journey, and Vulcan Elements can count on our community and transitioning military personnel to fill these positions and support its next phase of growth.”
“Announcements like this don’t happen by chance,” said Representative Larry C. Strickland. “We appreciate the partnership on both sides of the aisle, the careful preparation by the local officials, and the diligent work of the local and regional economic developers that contributed to Vulcan Elements’ decision to establish its $1 billion factory in Benson.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, Commerce’s Division of Workforce Solutions, Commerce’s Office of Science, Technology & Innovation, the North Carolina Department of Transportation, the University of North Carolina System, the North Carolina Community College System, Johnston Community College, the Golden LEAF Foundation, South River Electric Membership Corporation, I-95/I-40 Crossroads of America Economic Development Alliance, Johnston County, the Johnston County Economic Development Corporation, and the Town of Benson.
Vulcan Elements is also a 2025 recipient of a One North Carolina Small Business Program Matching grant that helped accelerate the company’s innovation, growth, and positioning for additional federal funding.