Vulcan Elements paid $8 million for 56 acres in Benson to build a rare-earth magnet manufacturing plant. The Triangle Business Journal reports Vulcan will invest $918 million in the plant, which could create up to 1,000 jobs. Benson is about 30 miles south of Raleigh.
The land purchase was at Crosspoint Logistics center, which has just over 500,000 square feet of existing space, with the potential for an additional 500,000 square feet, spread across 90 acres.
Rare-earth magnets exhibit exceptionally strong magnetic fields, making them indispensable in a wide range of applications, from industrial machinery to consumer electronics. Vulcan has a $1.4 billion contract with the US government to supply products ranging from submarines to tanks to missiles. Vulcan says it will be the largest rare earth magnet facility in the world, outside of China. The facility will kick off initial operations in 2027.
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