e-VAC Magnetics to build $506M rare-earth magnet plant in Sumter, South Carolina

e-VAC Magnetics, a subsidiary of German Vacuumschmelze, will invest $506 million to build a new facility in Sumter, South Carolina, creating 300 jobs. The plant will produce rare-earth magnets for electric vehicle engines and defense applications, with production starting in 2025.

“The announcement marks the largest economic development deal in county history.”scdailygazette.com

• 1 source
• scdailygazette.comGerman manufacturer to invest $506M, hire 300 workers in Sumter • SC Daily GazetteDec 13, 2023

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