August 15, 2022

EUCLID, Ohio—PMT Group and its subsidiaries are adding 30,000 square feet of space to expand their specialty metals production and fabrication facilities, the company said in a release. The additions include an expansion of subsidiary company Terves’s dissolvable magnesium extrusion facility and 24,000 square feet of new construction to house expanded production of magnetic materials and lightweight sheet and foil.

Magnesium is the lightest structural material, PMT Group said, noting that implementing sustainable lightweight materials and addressing design concepts in a circular economy are among the most important issues facing OEMs today.

Terves, described as “the only fully integrated, wrought magnesium producer in North America,” will be installing a Vertical Direct Chill Casting system for magnesium alloy billets. The system is reportedly the first such system to be installed in North America in this century. With the installation, Terves will be entering the light-weighting market by supplying magnesium extrusions and castings to automotive, aerospace, defense and other companies that care about sustainability and have ambitious carbon neutral goals.

Another PMT Group subsidiary company, Magnet Energy, is said to be making strides towards developing and manufacturing advanced, nanoengineered magnetic and insulator materials that enable lower cost, more efficient, and higher power-density electric motors and controllers.

As a U.S.-based producer of magnetic materials, Magnet Energy can help eliminate  sensitivity to rare earth price and supply fluctuations. According to PMT Group, Magnet Energy is in a unique position to support the electrification of transportation and the development of the smart grid. The 24,000-square-foot expansion is expected to significantly accelerate the commercialization of Made-in-USA rare-earth free magnets, the company said.

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