GKN Powder Metallurgy and Schaeffler Join Forces to Drive Permanent Magnet Industry
Schaeffler AG and GKN Powder Metallurgy 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.”
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