Shin-Etsu To Make Magnets In Vietnam

Shin-Etsu Chemical will spend $117 million to build a rare-earth magnet plant in Hai Phong province in northern Vietnam, where it opened a rare-earth refining facility last year. With annual capacity of 2,000 metric tons, the magnet plant will be built in two phases, opening in 2016 and 2017. Shin-Etsu says the new Vietnamese facilities will help it meet market growth while improving its customers’ security of supply. The firm currently produces the magnets only in Japan. Rare-earth magnets are used in applications including hybrid cars, energy-saving air conditioners, and hard-disc drives.