Those announcements \u201cdemonstrate what\u2019s possible when Fort Worth competes to win,\u201d said Allen.\u00a0<\/p>\n
Mayor Mattie Parker said she was pleased that Fort Worth has gone from trying to figure out how to do economic development effectively, to actually doing it.\u00a0<\/p>\n
\u201cWe\u2019ve got solutions. We know what works,\u201d she said. \u201cWe know that this team is effective in partnership with the city of Fort Worth, and we just have to keep doing more of this.\u201d\u00a0<\/p>\n
The Fort Worth Economic Development Partnership annual meeting included a fireside chat between Hillwood President Mike Berry, who is also president of the board of the partnership, and James Litinsky, chairman and CEO of MP Materials, the company that built a plant to manufacture permanent magnets from rare earth materials. MP Materials magnets are essential components in vehicles, drones, robotics, electronics, and aerospace and defense systems, yet for decades, the U.S. has relied almost entirely on foreign sources for these critical inputs.\u00a0<\/p>\n
The Fort Worth plant, which opened in 2022 with a commitment from General Motors to purchase its magnets, is the only domestic producer of those critical components. In July, the U.S. Department of Defense invested $400 million in the company<\/a> to shore up the country\u2019s domestic supply of rare earth minerals and magnets. A week later, computer giant Apple made a $500 million commitment to purchase materials from the company.\u00a0<\/p>\n As a result of those deals, MP Materials is expanding production at its Fort Worth plant and is in the process of developing a second plant to meet demand, said Lipinski.\u00a0<\/p>\n Lipinski said Fort Worth was not at the top of the list when they were first making a decision on where to build their magnet plant.\u00a0<\/p>\n \u201cThe key thing at that time was meeting with Ross (Perot Jr.) <\/a>and it was very clear \u2026 that this was a place that not only wanted our business, but believed in our business,\u201d he said.\u00a0<\/p>\n Perot was clear that MP Materials would have the full support of not just Hillwood, but from Fort Worth, beyond just tax incentives, Lipinski said.\u00a0<\/p>\n \u201cKnowing that the leadership believed in us, that was the determinant factor,\u201d he said. \u201cMy belief was we should just partner with great people in a place that wants to do business and believes in our business.\u201d\u00a0<\/p>\n Allen came to Fort Worth in 2023 from the Texas Economic Development Corp. in Austin, where he had served as president and CEO since 2017, leading the state\u2019s economic development efforts. Prior to that role, he served as deputy chief of staff to Gov. Greg Abbott.\u00a0<\/p>\n Economic Development Partnership leader Allen said the community has been supportive of the organization\u2019s efforts, funding 93% of their $5 million ambitious fundraising goal.\u00a0<\/p>\n \u201cThe founders of this city dug the deep wells of innovation and progress we still draw from today,\u201d Allen said. \u201cThey transformed a small town on the edge of the prairie into a global destination\u2014and it\u2019s on us to keep that spirit alive and push it forward.\u201d<\/p>\n Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org<\/a>.<\/p>\n At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here<\/a>.<\/p>\n \n\tRelated\n<\/p>\n Fort Worth Report is certified by the Journalism Trust Initiative<\/a> for adhering to standards for ethical journalism.<\/p>\n Republish This Story<\/p>\n
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