CORRECTING and REPLACING GKN Powder Metallurgy and Schaeffler Join Forces to Further Develop the Permanent Magnet Supply Chain in Europe and North America
First paragraph, first sentence of release should read: Schaeffler AG, a leading Motion Technology Company, 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.
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)
The updated release reads:
GKN POWDER METALLURGY AND SCHAEFFLER JOIN FORCES TO FURTHER DEVELOP THE PERMANENT MAGNET SUPPLY CHAIN IN EUROPE AND NORTH AMERICA
- GKN Powder Metallurgy and Schaeffler announce their mutual commitment to drive the development of the permanent magnet industry for electric motors.
- Schaeffler has signed a memorandum of understanding with GKN Powder Metallurgy to source permanent magnets for European and North American markets.
- This cooperation reinforces the overarching sustainability strategies of both companies and provides customers with additional security of supply through a stable, local-to-local delivery strategy.
Schaeffler AG, a leading Motion Technology Company, 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.
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).
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