Inside the future Vulcan factory in Benson, N.C. Photo: Zachery Eanes/Axios
New Benson facility will support U.S. defense, EV, and electronics supply chains with domestically produced rare-earth magnets
BENSON, N.C. (November 2025) — Vulcan Elements, a Durham-based rare-earth magnet manufacturer, announced plans to construct a $1 billion production facility in Benson, North Carolina, creating 1,000 new jobs and establishing one of the nation’s largest domestic rare-earth magnet manufacturing hubs.
The facility will support critical U.S. supply chains for defense systems, electric vehicles, smartphones, drones, and other advanced electronics—industries currently dependent on foreign suppliers, particularly China.
The project includes a public-private financing structure with support from the U.S. Department of War, which recently approved a $620 million loan and equity investment to accelerate production.
Major Strategic Investment in Domestic Supply Chain Independence
Rare-earth magnets have become a focal point of U.S.–China trade tensions due to China’s dominance in extraction, processing, and manufacturing. Vulcan’s expansion represents a key step toward reshoring production capacity and reducing national security vulnerabilities.
“What Vulcan has proven is that rare-earth magnets can be manufactured in the United States, fully decoupled from China—from the equipment to the material level,” said John Maslin, CEO of Vulcan Elements. “Our mission is to strengthen America’s industrial base and build resilient supply chains for strategic sectors.”
Maslin, a former Navy financial manager, said he became aware of supply-chain vulnerabilities while supporting the ballistic missile submarine procurement program.
Facility Details & Construction Timeline
The new factory will be located near the junction of Interstate 40 and Interstate 95 in Johnston County. Vulcan will initially occupy a 500,000-square-foot building developed by Edgewater Ventures, with plans to expand to 1 million square feet.
Key project details include:
| Metric | Details |
|---|---|
| Investment | ~$1 billion |
| Jobs Created | 1,000 by 2029 |
| Average Wage | ~$82,000 |
| Construction Start | Within 12 months |
| Initial Operations | Phased ramp-up through 2029 |
The company will retain its Research Triangle Park facility as an R&D hub, where roughly 50 employees currently work.
State & Local Incentives
Vulcan’s expansion is supported by a $17.5 million state incentive package, provided contingent upon job creation and capital investment milestones. Local governments in Johnston County and the Town of Benson have committed an additional $94 million in support.
The company previously evaluated potential sites in Ohio before selecting North Carolina based on workforce availability, proximity to defense installations, and cost of living.
North Carolina Positioned for High-Growth Advanced Manufacturing
The project continues a surge of large-scale industrial announcements across the state, including:
- JetZero’s 14,000-job aerospace expansion in Greensboro
- Scout Motors’ 1,200-job headquarters expansion in Charlotte
- Genentech’s 400-job biomanufacturing facility in Holly Springs
North Carolina Commerce Secretary Lee Lilley said the state is intentionally diversifying its recruitment pipeline.
“Sectors go up and down, and what we’re trying to do is create shots on goal for North Carolina’s economy,” Lilley said.
About Vulcan Elements
Founded in 2023, Vulcan Elements manufactures rare-earth permanent magnets used in defense, aerospace, automotive, and industrial technologies. The company operates a demonstration facility in Durham and maintains offices in Research Triangle Park to support research and development initiatives.
