Investment group plans 'master' aluminum manufacturing facility in Los Lunas - Albuquerque Magazine

Investment group plans ‘master’ aluminum manufacturing facility in Los Lunas – Albuquerque Magazine

Louisville-based Manna Capital Partners and Colorado-based Ball Corp, a company that specializes in recyclable aluminum beverage packaging, announced a partnership Thursday that will see Manna build and maintain an aluminum sheet rolling mill and recycling center in central New York. Mexico. Railroad Park in West Los Lunas.

The group signed a letter of intent for the 1,300-acre parcel in Los Lunas, and once completed, the facility is expected to have an economic impact of $3.4 billion over the next decade, while creating hundreds of high-paying jobs. The company is expected to invest more than $2 billion in the project, according to a press release from the state’s Department of Economic Development.

Mana representatives were not immediately available for comment.

“There is a growing demand for recycled aluminum cans from beverage makers driven by a push towards sustainability,” Junior Bridgeman, Managing Partner at Mana Capital Partners, said in a statement. “New Mexico has given us the opportunity to respond with what we expect will be the most modern, state-of-the-art aluminum rolling mill in North America. This project will positively impact people’s lives and be beneficial to all.”

Jobs at the facility — which is expected to open by 2026, with construction starting in late 2023 — are expected to pay an average of $68,000 in salaries. The state allocates $5 million from the Job Creation Fund under the Local Economic Development Law to support the project. According to the press release, “LEDA funds will be paid as the manufacturer reaches economic development criteria, which will be specified in the project participation agreement.”

Alicia J. said: The Department of Economic Development and our partners worked together for several months to bring this project here. We competed with 10 other locations and now these jobs are coming to New Mexico. Genuine collaborative efforts like this lead to great successes for our state.”

In fact, New Mexico economic developers helped bring Mana facility to New Mexico. Danielle Casey, president of the Albuquerque Regional Economic Area, known as AREA, said he received the initial inquiry from Mana last August — helping to play a key role in connecting the company with state and local economic development agencies.

The village of Los Lunas is expected to help the group issue the industrial revenue bonds, but Christine Gamboa, the village’s chief economic developer, said none had been issued yet and that the announcement was “very preliminary”. She said Manna will come to visit the site in the coming months.

Industrial revenue bonds, known as IRBs, are a tax break for companies that plan to expand by building and equipping a future project. The state said the project may also qualify for a percentage of the gross income tax it spends on construction due to a 2021 law signed by Gov. Michael Logan Grisham, which allows a portion of those taxes to be deducted for businesses for “large, significant., job-creating projects.” “.

Mana is working with the New Mexico Public Services Corporation on the project to acquire the facility to run 100% renewable energy. The press release said the manufacturing process would require “more than 500,000 megawatts of electricity annually.”

The demand for aluminum cans has led to the growth of businesses such as Ball Corp. that you are looking to take advantage of. About 75% of beverage product launches now take place in cans, according to Zacks Equity research.

“Their market is booming,” Gamboa said.

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