A neodymium magnet (also known as NdFeB, NIB, or Neo magnet), the most widely-used type of rare-earth magnet, is a permanent magnet made from analloy of neodymium, iron, and boron to form the Nd₂Fe₁₄B tetragonal crystalline structure. Developed in 1982 by General Motors and Sumitomo Special Metals, neodymium magnets are the strongest type of permanent magnet made. They have replaced other types of magnet in the many applications in modern products that require strong permanent magnets, such as motors in cordless tools, hard disk drives, and magnetic fasteners.