ABB has entered into a long-term supply agreement with Noveon Magnetics for high-performance rare earth magnets used in industrial motor applications, the companies announced today.
The multi-million-dollar deal will support ABB's North American manufacturing operations, with deliveries beginning in August 2025 and scaling to supply all magnet parts for ABB's North American motor production by the end of 2026.
"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 helps make our supply chain more resilient."
The partnership comes amid growing demand for industrial motors used in critical infrastructure and data centers.
"We're proud to partner with ABB to support the motors that power essential systems across industries," said Scott Dunn, CEO of Noveon Magnetics.
The agreement secures a domestic magnet supply for ABB as demand for efficient building technologies accelerates across North America.
