BENSON, N.C. (WTVD) -- A large crowd gathered in Johnston County on Tuesday for a major economic announcement.

Vulcan Elements chose Benson for a new magnet factory.

The project will bring 1,000 new jobs to the area, and the company is investing nearly $920 million in the town.

Vulcan makes rare earth magnets, a key component in electric vehicles, cell phones, and items for the military.

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Earlier this month, the company announced a $1.4 billion partnership with the federal government, and the government is getting an equity stake in the company.

The company also has a Durham location, and Vulcan CEO John Maslin explained why the company again chose North Carolina.

"It's a state that's open for business. It's

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