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Project

Hoosier Magnetics, Inc.

At a Glance

Status

concluded

Agency

St. Lawrence River Valley Redevelopment Agency

Hoosier Magnetics, Inc. (Hoosier) is a manufacturer of ferrite powders used in the production of permanent magnets.
The company is the largest global supplier of ferrite powder outside of China. Hoosier was organized in Washington,
Indiana in the fall of 1975 by Tom Shirk. In the 1980s, the demand for embedding powders for low energy bonded
magnets was increasing, Tom Shirk realized that a line of embedding powders would stabilize Hoosier’s growth. In
1984, Hoosier acquired its way into this business by purchasing the Ogdensburg, New York and Toledo, Ohio plants
of the Ottawa Chemical Co, a division of Ferro Corporation.
Hoosier Magnetics, Inc. owns a 32,000 sq. ft. facility in Ogdensburg, New York.
This project involves two major investments by Hoosier. The first involves replacement of the Company’s 60-year old
Calciner, a major piece of the ferrite powder’s processing where the solid state chemical reaction takes place. The
second major investment is the addition of a second dust collector. Although the company is currently in compliance
with New York State standards, the addition of a second dust collector will improve the stack emissions to a level far
below New York State standards and allow for the company to improve as production rates ramp up.
Hoosier Magnetics is requesting $100,000 in loan financing from the St. Lawrence County IDA LDC, $100,000 from
the North Country Economic Development Fund and $100,000 from the Ogdensburg Growth Fund to help purchase
the new equipment assist with renovations and site work, and to help the company retain its competitive edge and
allow for increased production moving forward. The St. Lawrence County IDALDC will act as the lead lender for the
project.

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Hoosier Magnetics, Inc. located at 110 Denny Street, Ogdensburg, produces ferrite powder which is the major raw material for permanent magnets.

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