Schaeffler AG and GKN Powder Metallurgy announce their joint commitment to advance the development of the permanent magnet industry in Europe and North America through a memorandum of understanding. GKN Powder Metallurgy will supply Schaeffler locally with permanent magnets with the aim to ensure a stable, local supply whilst improving sustainability and transparency in the supply chain.

GKN Powder Metallurgy, a provider of powder metal solutions, recently announced its commitment to enter the permanent magnets for the electric vehicle (EV) market, in response to the supply challenges the industry is facing.