- GKN Powder Metallurgy (GKN PM) announces its roadmap to expand share in EV by entering into production of permanent magnets for the European and North American markets.
- The company is uniquely positioned as a world-leading manufacturer of metal powders and parts, leveraging its extensive experience in supplying the automotive industry, its existing OEM partnerships, its established manufacturing processes, and its global local-to-local production footprint.
- Significant investment is being planned to establish a capacity to produce up to 4,000 tonnes of permanent magnets per year for the EV market by 2024.
LONDON, 19 JULY 2022 - GKN Powder Metallurgy (GKN PM), the world’s leading provider of powder metal solutions, today announced its commitment to enter the permanent magnets for the electric vehicle (EV) market, in response to the supply challenges the industry is facing.
GKN PM is perfectly positioned to meet the ever-increasing demand for a stable, local supply of permanent magnets, which are a vital component of EV motors.
GKN PM possesses unrivalled automotive experience, and as a trusted supply and innovation partner to automotive OEMs and Tier 1 suppliers has witnessed first-hand the supply-chain challenges arising from the exponential growth of the EV market. Using its industry expertise, existing production processes, and manufacturing capabilities in North America and Europe, GKN PM will bring much needed stability in the manufacturing of permanent magnets.
Significant progress in product development has been made and the business is now entering the phase of industrialisation planning. A dedicated Magnets project team, bringing together multidisciplinary experts, operates out of the company’s Innovation Centres for metal powders (in Cinnaminson, USA) and for sinter metal manufacturing (in Radevormwald, Germany).
Diego Laurent, CEO at GKN PM, comments:
“The key driver behind this strategic decision is our understanding of the challenges facing the automotive industry today and tomorrow. The stability in manufacturing is an ongoing concern, but with our expertise, scale, and reputation, we can provide a robust solution.
Diego Laurent, Chief Executive Officer (CEO) at GKN Powder Metallurgy
As a trusted provider of metal powders and components for the industry, we already have a scalable production footprint. We will leverage our well-established processes and capabilities to align these with the requirements of permanent magnet production.
Automakers are looking for a reliable, local supply. We aim to have in place the capacity for up to 4,000 tonnes of permanent magnets by 2024, which will see us become a key player in driving the future of the electric mobility market.”
Underpinning the move into the permanent magnets for EV market is GKN PM’s business-wide commitment to sustainability. With ambitious environmental targets in place, including achieving net zero greenhouse gas emissions in all operations worldwide by 2050, the company is contributing to a more responsible and sustainable future for all.
For further information regarding GKN PM's capabilities in the permanent magnets for EV market, visit gknpm.com/magnets.
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About GKN Powder Metallurgy
GKN Powder Metallurgy is solving 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 supplier for powder metal materials, components, applications, and electric motor solutions. GKN Powder Metallurgy comprises three focused businesses under one brand, consisting of GKN Powders/Hoeganaes, GKN Sinter Metals, and GKN Additive/Forecast3D, to provide material development, high-precision powder metal solutions, and 3D printing in plastic and metal. The company is committed to sustainable goals by providing leading powder metal expertise, innovative engineering, and extensive process experience to transform ideas into production. Together, GKN Powder Metallurgy empowers over 6,600 innovative thinkers in 29 locations, setting its global engineering network at the highest standard.
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Media contact
GKN Powder Metallurgy
Christiaan Klaus, Marketing Manager - Europe
christiaan.klaus@gknpm.com