Yantai Zhenghai Magnetic Material starts construction of high-performance rare earth magnets R&D and production base
2021-07-01 15:07:21 [Print]
Recently, Yantai Zhenghai Magnetic Material Co. Ltd. held a ground-breaking ceremony for the construction of high-performance rare earth magnets R&D and production base in high-tech zone. The company is also the investor for this project.
It was said that with the total investment of RMB5 billion (USD774 million) and an area of 500mu, this project will hold a workshop covering an area of 340,000 square meters and mainly work on research and development, production and sales of high-performance NdFeB magnets. After completing construction, it will be a high-performance NdFeB magnets production base with the largest scale around the world. At that time, it could achieve an annual production capacity of 18,000t and reach an annual output value of RMB3.8 billion (USD588 million) and an annual tax payment of no less than RMB200 million (USD30.94 million).
It was said that with the total investment of RMB5 billion (USD774 million) and an area of 500mu, this project will hold a workshop covering an area of 340,000 square meters and mainly work on research and development, production and sales of high-performance NdFeB magnets. After completing construction, it will be a high-performance NdFeB magnets production base with the largest scale around the world. At that time, it could achieve an annual production capacity of 18,000t and reach an annual output value of RMB3.8 billion (USD588 million) and an annual tax payment of no less than RMB200 million (USD30.94 million).
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