Recently, Western Magnetic Technology announced that in order to stabilize the supply chain, the company plans to set up a new company with China Northern Rare Earth and other enterprises to build a project with an annual production capacity of 3,000 tons of high-performance neodymium-iron-boron (NdFeB) magnetic materials.
This move aims to extend the upstream industry chain to ensure the security, timeliness and continuity of raw material supply.
At the same time, Western Magnetic Technology is carrying out a digital workshop project on internal management to improve production efficiency.
Although the company's performance declined in the first three quarters due to the impact of the lithium industry, it is actively penetrating into the whole industry chain and expanding into the new energy field with its newly developed slurry electromagnetic iron remover and automatic permanent magnet equipment.