GKN Powder Metallurgy has announced that it will supply Schaeffler AG, a motion technology company based in Herzogenaurach, Germany, with permanent magnets. The companies have entered into a memorandum of understanding, committing to advancing the development of the permanent magnet industry for electric motors in Europe and North America, with the objective of ensuring a stable, local supply chain.
The cooperation is said to reinforce the overarching sustainability strategies of both companies, and will provide customers with additional security of supply through a local-to-local delivery strategy.
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“We are delighted to partner with Schaeffler to jointly provide solutions to the challenges of supplying permanent magnets to the automotive and other industries,” stated Diego Laurent, CEO of GKN Powder Metallurgy. “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.”
In addition to a wide range of components and systems for drivetrains based on internal combustion engines, Schaeffler also offers solutions for hybrid and pure electric vehicles, from 48-Volt hybrids and plug-in hybrids to purely electric vehicles.
Matthias Zink, CEO Automotive Technologies at Schaeffler, added, “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.”