Vulcan Elements Inc. has announced plans to invest $918.1 million in Benson, North Carolina, to expand its magnet production capacity and build what will become the largest magnet factory outside of China. The project is expected to create 1,000 new jobs in Johnston County.
Governor Josh Stein commented on the decision: “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 previously opened a facility in Research Triangle Park focused on producing Neodymium Iron Boron rare earth magnets, which are used in electronic devices and technologies requiring motors or sensors. The new 1 million-square-foot plant in Benson will increase production capacity by 10,000 metric tonnes and aims to strengthen domestic supply chains for critical components used in sectors such as robotics, electric vehicles, defense systems, and artificial intelligence data centers.
John Maslin, CEO of Vulcan Elements, stated: “North Carolina is a natural home for Vulcan Elements’ 10,000 metric ton facility. 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.”
N.C. Commerce Secretary Lee Lilley added: “This major expansion by Vulcan Elements is why North Carolina continues to be recognized as the best state to do business in America. 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.”
The company expects these positions—including administrative roles as well as engineering and production staff—to result in an annual payroll impact exceeding $81.9 million for the region.
The expansion will be supported by a Job Development Investment Grant (JDIG), approved by the state’s Economic Investment Committee. Over twelve years, this grant is projected to grow North Carolina’s economy by $2.6 billion. If performance targets are met each year regarding job creation and investment levels—verified by relevant state departments—the company could receive up to $17.58 million over twelve years through reimbursement payments.
According to state officials’ calculations using return-on-investment formulas for public dollars spent on such projects—including tax revenue generated from new jobs—the project offers a projected return of $1.65 for every dollar invested by the state.
Because Johnston County is classified as Tier 3 under North Carolina’s economic tier system—a measure indicating relative prosperity—up to $5.86 million from JDIG reimbursements will be allocated into the Industrial Development Fund Utility Account supporting infrastructure upgrades for rural communities across the state.
Additional support anticipated from the North Carolina General Assembly includes up to $250,000 earmarked for road improvements related to this project.
Senator Benton Sawrey commented: “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,” adding that local community members—including transitioning military personnel—will help fill these positions.
Representative Larry C. Strickland noted: “Announcements like this don’t happen by chance,” emphasizing bipartisan cooperation among officials at various levels who contributed toward securing Vulcan Elements’ commitment.
Key partners involved include multiple state agencies such as Commerce’s Division of Workforce Solutions; higher education institutions including UNC System schools; local entities like Johnston Community College; economic development organizations; utility providers; county government; and others throughout Benson and Johnston County.
Vulcan Elements also received a One North Carolina Small Business Program Matching grant in 2025 designed to accelerate innovation efforts within small businesses seeking federal funding opportunities.
