Legislation Will Strengthen U.S. Supply Chain and Domestic Manufacturing

SAN MARCOS, TEXAS, February 28, 2025 – Noveon Magnetics, a high-performance rare earth magnet manufacturer in the United States, is proud to endorse the Rare Earth Magnet Security Act (REMSA). Introduced earlier this month by U.S. Representatives Eric Swalwell (CA-14) and Guy Reschenthaler (PA-14), REMSA aims to strengthen domestic rare earth magnet production and the U.S. national security. With this endorsement, Noveon joins other industry leaders in supporting the bill’s key provisions, including a production tax credit designed to incentivize private-sector investment and foster a fair and competitive market for domestic manufacturers.

“The Rare Earth Magnet Security Act is a transformative milestone for U.S. manufacturing and a critical step toward building a resilient domestic supply chain,” said Scott Dunn, CEO of Noveon Magnetics. “By directly incentivizing domestic production, this bipartisan bill will strengthen our ability to compete, expand operations, and scale up magnet manufacturing right here in the U.S. – a stable, homegrown rare earth supply chain is essential. We look forward to continuing our work with lawmakers to drive investment, expand domestic production, and solidify the U.S. as a global leader in rare earth magnet manufacturing.”

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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/.