Even though his company imports materials to make its products, to Domenic Marzano, president and CEO of New Castle-based Velocity Magnetics, the weak dollar is a good thing — for now.
His company happens to be importing metals from China, whose yuan is still a bargain compared to other currencies when measured against the dollar.
“If they start to come up with us in value, then it will be like buying in America,” Marzano said. “But for us, China is a great buy right now.”
China produces 97 percent of the world’s rare earth alloys, because they have the mines there, and have inexpensive labor, Marzano said.
Velocity Magnetics uses those alloys to make parts for amusement park rides and industrial machinery.