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Wood has secured an engineering, procurement, and construction management contract for Niron Magnetics' Plant 1 in Sartell, Minnesota, marking the establishment of the world's first full-scale Iron Nitride permanent magnet facility. The plant aims to produce 1,500 tons of Iron Nitride magnets annually by 2027, enhancing the domestic supply chain for key industries like automotive and defense while utilizing more abundant materials compared to traditional rare earth magnets. The project will be managed by a team of over 80 U.S.-based specialists.