GKN Powder Metallurgy and Schaeffler Join Forces to Further Develop the Permanent Magnet Supply Chain in Europe and North America
The Schaeffler Group, a leading global supplier to the automotive and industrial sectors, and GKN Powder Metallurgy, the world’s leading provider of metal powder solutions, today announce their joint commitment to advance the development of the permanent magnet industry in Europe and North America through a memorandum of understanding. GKN Powder Metallurgy will supply Schaeffler locally with permanent magnets with the aim to ensure a stable, local supply whilst improving sustainability and transparency in the supply chain.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231017224299/en/
From 2024, GKN Powder Metallurgy will operate a first volume magnet production in Germany (Photo: GKN Powder Metallurgy)
Diego Laurent, CEO of GKN Powder Metallurgy, said: “We are delighted to partner with Schaeffler to jointly provide solutions to the challenges of supplying permanent magnets to the automotive and other industries. This is a perfect match of two companies with a long-standing relationship and a strong commitment to sustainability and innovation. The development of permanent magnets for EVs is a logical step for GKN Powder Metallurgy, as we continue to expand our capabilities to support the needs for electrification in the industry whilst pursuing ambitious sustainability targets.”
Matthias Zink, CEO Automotive Technologies at Schaeffler, comments: “Schaeffler has key strengths in passenger car electrification, particularly in electric motors, which are integral components of all electric axles and hybrid modules. To ensure our successful growth in this segment especially in Europe and North America we aim to establish resilient, local, and sustainable supply chains for the relevant components like permanent magnets. This cooperation with GKN Powder Metallurgy is an important step towards this goal.”
About GKN Powder Metallurgy
GKN Powder Metallurgy solves complex challenges in automotive and industrial markets with sustainable and innovative solutions through best-in-class powder metallurgy technology. The company is a world-class provider of powder metal materials, components, applications, and electrification solutions through its three business units GKN Powders/Hoeganaes, GKN Sinter Metals and GKN Additive. GKN Powder Metallurgy is committed to sustainable goals by providing leading powder metal expertise, innovative engineering, and extensive process experience to transform ideas into production. The company recently announced its expansion into permanent magnets, with the intention to build production facilities in Europe and North America with a capacity of up to 4,000 tons. GKN Powder Metallurgy is part of Dowlais Group plc and empowers more than 5,000 innovative thinkers in 27 locations, setting its global engineering network at the highest standard.
For further information regarding GKN PM's capabilities in the permanent magnets for EV market, visit www.gknpm.com/en/solutions/permanent-magnets
About Schaeffler AG
Schaeffler Group – We pioneer motion
The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The motion technology company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 15.8 billion in 2022. With around 84,000 employees, the Schaeffler Group is one of the world’s largest family-owned companies. With more than 1,250 patent applications in 2022, Schaeffler is Germany’s fourth most innovative company according to the DPMA (German Patent and Trademark Office).
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
+44 (0)20 3750 6688
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Mary Kay Expands to Hungary, Elevating Beauty and Empowerment in Central Europe30.11.2023 19:03:00 CET | Press release
Mary Kay Inc., the iconic beauty brand and global advocate for women’s empowerment, is thrilled to announce its expansion into Hungary, a strategic move that marks the company's latest foray into the European market. This expansion coincides with Mary Kay's milestone 60th anniversary, underscoring its enduring legacy of offering unparalleled entrepreneurship opportunities and high-quality skincare and color cosmetics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231130602889/en/ With Hungary’s rich cultural tapestry, vibrant heritage, and dynamic economy, Mary Kay Inc. is set to introduce a range of initiatives aimed at bolstering the economic empowerment of Hungarian women. (Credit: Mary Kay Inc.) Mary Kay Hungary's operations will be overseen from the Mary Kay Czech Republic's offices in Prague. To celebrate this momentous expansion, events in both Prague and Budapest have been arranged. This expansion builds upon the br
Q4 Inc. Announces Fourth Quarter 2023 Q4 Platform Release30.11.2023 18:00:00 CET | Press release
Q4 Inc. (TSX: QFOR) (“Q4” or “the Company”), the leading capital markets access platform, announced today its fourth quarter 2023 release of innovative enhancements to the Q4 Platform that will continue to deliver value to their clients through seamless workflows, insights, and analytics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231130813795/en/ Q4 Issuer Dashboard Q4 Platform Release: Fourth Quarter 2023 Issuer Dashboard: Improved Web Management App Issuers can now use the Web Management app to make accelerated website updates and have greater visibility into the status of their web requests. The homepage also gives them direct access to highlighted critical alerts, including activist engagements, and real time updates on events. Engagement Analytics App: Smarter Insights Through the Engagement Analytics app, Investor Relations Officers (“IROs”) will now have access to historical data on investor engagement to more ea
ISFC to Focus on Central Role of Forestry Sector at COP2830.11.2023 17:56:00 CET | Press release
The International Sustainable Forestry Coalition (ISFC) will be representing some of the world’s largest companies engaged in sustainable forestry at COP28, and will be promoting the role of forestry and land-use in the global climate transition. Nations must find a way to reduce emissions by 43% by 2030 if we are to avoid the worst effects of climate change. With greater investment, forestry and land management could contribute up to 25% of the emissions reductions needed to reach net zero. It is widely expected at COP that there will be more focus on the role that sustainably produced timber can play in the built environment, and ISFC will be taking a leading role in these discussions and promoting the expanded contribution of the forestry sector to the decarbonization of the global economy. Dr. David Brand, Convening Chair of ISFC and Executive Chair of New Forest, commented, “The global climate effort requires expanded investment in sustainable land-use and sustainable materials in
Aviz Networks Expands Funding to $10M With New Investments From Accton, Cisco Investments and Wistron30.11.2023 16:32:00 CET | Press release
Aviz Networks, a leader in open networking software for cloud-scale infrastructures serving telecom and enterprises, today announced it has added Cisco Investments to its latest funding expansion, joining existing investors, Moment Ventures, Accton and Wistron. This funding round, now reaching $10M, will accelerate customer momentum for Aviz’s multi-vendor, GenAI-based networking stack along with adoption of SONiC based open networking. Aviz helps organizations achieve the performance and cost benefits of hyperscale networks by removing complexity and supplying AI-driven management features as part of a breakthrough Networking 3.0 software stack. Aviz’s stack supports the fast-growing SONiC open-source network OS (NOS) as well as multi-NOS environments and leverages the power of large-language-models (LLMs) to deliver unparalleled choice and capabilities. The company has seen rapid growth over the past 12 months, scaling its number of customers, revenue, and operational headcount to me
MSCI Appoints Jana Haines as Head of Index30.11.2023 15:14:00 CET | Press release
MSCI Inc. (NYSE: MSCI), a leading provider of mission-critical decision support tools and services for the global investment community, today announced that Jana Haines has joined the firm as Head of Index and as a member of MSCI’s Executive Committee. Based in New York, Ms. Haines will be responsible for the strategic development and execution of MSCI’s global Index product line. She will partner with senior leaders across the firm to manage the Index product development process. Ms. Haines will aim to drive innovation across index categories, including market cap, sustainability, climate, factors, thematics and asset classes, such as fixed income and private assets. "As a longtime business leader, Jana has a proven track record of strategic thinking and a unique understanding of the value of MSCI’s indexes to investors,” said Baer Pettit, President and Chief Operating Officer of MSCI. “Jana’s extensive expertise in the global financial industry will be critical to MSCI building an ev