The Office of the Assistant Secretary of Defense for Industrial Base Policy, through its Manufacturing Capability Expansion and Investment Prioritization (MCEIP) office, issued an award to E-VAC Magnetics to establish a domestic rare earth permanent magnet manufacturing capability. E-VAC is part of VAC Group, a manufacturer of rare earth permanent magnets.
As per the agreement, the Defense Department will provide $94.1 million to E-VAC to acquire and install manufacturing equipment, operationalize technical infrastructure, and engineer production lines. E-VAC is expected to start producing high volume rare earth permanent magnet by 2025.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.