Quadrant Magnetics is bringing magnetic manufacturing stateside with its $95 million development.
Gov. Andy Beshear announced in January Quadrant, which provides magnetic-related products, services and technologies, has proposed a new facility in Louisville. The rare-earth magnet manufacturing operation will be its first mass production facility in the U.S.
Phil Pascoe, president of Quadrant, provided more details on the company’s investment in a recent interview. The new $95 million facility will be 171,000 square feet behind its current Louisville location at 12500 Plantside Drive.
The building is expected be completed by the third quarter of 2023, Pascoe said. Contractors, including architects and engineers, have yet to be determined for the project. The facility will be used for manufacturing, assembly and distribution.
The company plans to create a campus on the property, also intending to construct a 55,000-square-foot building. Pascoe declined to include the investment into that facility.
The project is expected to create 200 full-time jobs over a 10-year period. The jobs have an average hourly wage target of $28.15 including employee benefits.
The Kentucky Economic Development Finance Authority preliminarily approved $3.4 million in tax incentives through the Kentucky Business Incentive program. KBI is a performance-based program that provides income tax credits to new and existing businesses that locate or expand in Kentucky. The company must meet the $95 million investment and annual employment and wage targets.
Pascoe said magnetics manufacturing usually takes place overseas, but this new investment will bring it back to the U.S. Quadrant also designs, quality controls and assembles magnets at its U.S. facilities.
“It’s time to get America in the magnet game,” Pascoe said.
The company has several U.S. locations, including one in San Diego, California, as well as a research, prototyping and testing facility in Silicon Valley. Pascoe said there are about 60 Quadrant employees state side. It has overseas operations in China, Germany and Vietnam.
It’s location in Louisville is ideal for a few reasons. Pascoe said the company is able to tap into a specialized workforce with programs at the University of Louisville and Jefferson Community and Technical College. With Louisville’s central location and logistics companies like UPS Worldport, he said Quadrant is easily able to ship parts and products across the country.
Magnetics are everywhere, from consumer electronics to automobiles. This region is already making a name for itself as a hub for EV technology, especially with investments like the planned $5.8 billion battery plant from Ford Motor Co. and SK Innovation. Pascoe said having a magnet manufacturing facility in Louisville on top of that will bring Kentucky to another level in terms of technology innovation.