LOS LUNAS, NM, May 26, 2022 (GLOBE NEWSWIRE) — Governor Michael Logan Grisham announced Thursday that a capital investment group has committed to creating more than 950 jobs and investing more than $2 billion in building an aluminum sheet rolling mill and recycling center in the county. Valencia, New Mexico.
The group signed a letter of intent to purchase a 1,300-acre plot of land in Los Lunas with construction to begin by late 2023 and manufacturing in 2026. The facility will be powered by 100% renewable energy from PNM and have the capacity to manufacture 1.3 billion pounds of aluminum annually, with plans in place To ensure 85% of the content is recycled after the plant is fully operational.
“The partnerships we’ve built to create and grow New Mexico’s renewable energy economy are attracting businesses as they look for friendly locations to expand,” said Governor Lujan Grisham. “There is a demand for aluminum produced with a low carbon footprint as customers continue to push for sustainability, and this innovative new project in Valencia Province is positioning New Mexico to capitalize on the industry.”
Louisville-based Mana Capital Partners, a private equity firm, and founding partners Ulysses L. “Junior” Bridgeman and Kevin R. Attkisson, will lead the project, build and operate the plant. The Ball Corporation, the leading global provider of borderless recyclable beverage packaging, will enter into a long-term supply agreement and also intends to take a minority stake position.
Mana chose New Mexico in part because of its competitive business climate, proximity to a transportation network including rail service, growth in canmaking facilities throughout the southwestern United States, and Governor Logan Grisham’s commitment to sustainable energy. The governor specifically targeted sustainable industrialization for additional government investment in order to diversify New Mexico’s economy and create higher-paying jobs.
The State of New Mexico is pledging $5 million from the LedA Job Creation Fund to support the project with paid assistance with manufacturer access to economic development standards, which will be specified in the project engagement agreement.
Jobs will pay an average of $68,000 per year, and the project is expected to have an economic impact of $3.4 billion over 10 years.
Cabinet Secretary for Economic Development, Alicia J. The department 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.”
The Albuquerque Regional Economic Alliance (AREA) received the initial inquiry from the company, and subsequently played an important role in the site selection process and provided key assistance to investors.
“Since last August, when Mana Capital Partners approached AREA and submitted to their project, AREA’s Director of Business Development, Grant Taylor, has served as a central point for collecting data, making connections with partners, and handing over every stone that has helped the company,” said Danielle Casey, President and CEO. For AREA, “makes its decision to position itself in the region.” “The Manna team has proven to be a formidable citizen company in the country and an employer of choice in the region. From Governor Lujan Grisham to Mayor Griego and the many economic development partners in between, we are grateful for everyone’s investment and continued oversight to ensure the success of this project.”
Global demand for aluminum cans is expected to experience robust growth over the next decade. From wine to carbonated hard water and flavored water to energy drinks, canned drinks are growing and preferred by consumers. The facility plans to be one of the most environmentally friendly, most efficient and highest quality aluminum sheet suppliers in the United States.
There is a growing demand for recycled aluminum cans from beverage makers driven by the push towards sustainability. 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,” said Junior Bridgeman, Managing Partner at Mana Capital Partners.
The Village of Los Lunas also assists the manufacturer in issuing industrial revenue bonds and will act as the financial agent. A project may also qualify for a percentage of the gross income tax it spends on construction to be deducted, under a 2021 law signed by Governor Lujan Grisham that allows a portion of the gross tax receipts related to construction to be deducted to large businesses, important projects and job creation.
“The planned investment by Mana Capital Partners in Los Lunas Village is a huge win for our community as we continue to work every day to retain and attract business and employees. It sends a strong message that our community is growing and thriving and an attractive place for businesses to locate and achieve,” said Charles Grego, Mayor of Los Lunas. Success.” This is a wonderful day for the village of Los Lunas, Valencia County, Greater Albuquerque Metro, and the state of New Mexico. Jobs and investment will resonate for years and generations to come. DED and AREA played an important role in making the whole process smooth and they deserve a special thank you for their continued support.”
Assistance is pending official review and approvals from the administrative bodies of the province of Valencia and the village of Los Lunas.
The New Mexico Public Services Corporation works closely with Mana throughout the process to ensure that its renewable energy goals are met. The manufacturing process will require over 500,000 megawatts of electricity annually.
“PNM is proud of the work we’ve done to bring our electricity generation closer to 100% carbon-neutral. Working in conjunction with the Governor and its management, companies that value environmentally sustainable energy have noted New Mexico’s clean energy transformation efforts in New Mexico,” said PNM CEO and Chairman Pat Vincent. Colón Our joint efforts provide economic opportunities and new jobs for New Mexicans.
About Mana Capital Partners: Mana Capital Partners is a private investment firm founded by Junior Bridgman and Kevin Atkeson. The Company and its subsidiaries focus on investment and acquisition opportunities across multiple industries in the United States and internationally, including investments in sustainability and impact-oriented opportunities for business and minority and women-owned communities. For more information, contact Manna Capital Partners at firstname.lastname@example.org or at 502.805.1329.
The mission of the New Mexico Economic Development Department (EDD) is to improve the lives of New Mexico families by increasing economic opportunity and providing a place for businesses to thrive.
EDD programs contribute directly to this mission by providing funding to train our workforce, providing infrastructure that supports business growth, and helping every community create a thriving economy. Since January 1, 2019, EDD has supported more than 13,000 new jobs and trained 8,323 new Mexicans for better salaries. EDD LEDA has been used to make investments in 53 companies, supporting more than 7,500 new jobs with an average wage of $70,000, $531 million in annual payroll, $5.2 billion in new capital investment, and a ten-year economic impact of 30+ Billion dollar. 39 communities in 22 counties have benefited from EDD programs.
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