Rare events are occurrences that take place with a significantly lower frequency than more common regular events. In manufacturing, predicting such events is particularly important, as they lead to unplanned downtime, shortening equipment lifespan, and high energy consumption. The occurrence of events is considered frequently-rare if observed in more than 10% of all instances, very-rare if it is 1-5%, moderately-rare if it is 5-10%, and extremely-rare if less than 1%. The rarity of events is inversely correlated with the maturity of a manufacturing industry. Typically, the rarity of events affects the multivariate data generated within a manufacturing process to be highly imbalanced, which leads to bias in predictive models. This paper evaluates the role of data enrichment techniques combined with supervised machine-learning techniques for rare event detection and prediction. To address the data scarcity, we use time series data augmentation and sampling methods to amplify the dataset with more multivariate features and data points while preserving the underlying time series patterns in the combined alterations. Imputation techniques are used in handling null values in datasets. Considering 15 learning models ranging from statistical learning to machine learning to deep learning methods, the best-performing model for the selected datasets is obtained and the efficacy of data enrichment is evaluated. Based on this evaluation, our results find that the enrichment procedure enhances up to 48% of F1 measure in rare failure event detection and prediction of supervised prediction models. We also conduct empirical and ablation experiments on the datasets to derive dataset-specific novel insights. Finally, we investigate the interpretability aspect of models for rare event prediction, considering multiple methods.