Albuquerque, NM, June 02, 2022 (GLOBE NEWSWIRE) -- In its ongoing efforts to attract top tier businesses to the Albuquereque region, AREA is celebrating the decision by Manna Capital Partners to invest more than $2 billion in the construction of an aluminum can sheet rolling mill and recycling center in Valencia County. The group has signed a letter of intent to purchase a 1,300-acre parcel in Los Lunas with construction set to start by late 2023 and manufacturing in 2026.
“AREA received the initial inquiry from the firm, and subsequently played a critical role in the site selection process and provided key assistance to the investors. Since last August, when AREA was contacted by Manna Capital Partners and introduced to its project, AREA’s Director of Business Development Grant Taylor has worked as a central point to collect data, make partner connections, and turn over every stone that helped the company to make its decision to locate in the region,” Danielle Casey, president & CEO of AREA, said. “Manna’s team has demonstrated that it will be a tremendous corporate citizen in the state and an employer of choice in the region. From Gov. Lujan Grisham to Mayor Griego and numerous economic development partners in between, we’re grateful to everyone’s championship of this project’s success and commitment to ongoing preparation for future development and job growth.”
Manna chose New Mexico in part because of its competitive business climate, proximity to a transportation network including rail service, the growth in can-making facilities across the Southwestern United States, and New Mexico Gov. Lujan Grisham’s commitment to sustainable energy. "The facility will be powered with 100% renewable energy from PNM and have the capacity to manufacture up to 1.3 billion pounds of aluminum annually, with plans to ensure 85% recycled content after the mill is fully operational,” said Don Tarry, President and COO, PNM Resources.
Louisville-based Manna Capital Partners, a private investment firm whose founding partners are Ulysses L. “Junior” Bridgeman and Kevin R. Attkisson, will lead the project and construct and operate the mill. Ball Corporation, a leading global provider of infinitely recyclable beverage packaging, will enter into a long-term supply agreement and intends to take a minority equity position. The State of New Mexico is pledging $5 million from its Local Economic Development Act (LEDA) job-creation fund to support the project with assistance paid out as the manufacturer reaches economic development benchmarks, to be determined in a Project Participation Agreement. The jobs will pay an average of $68,000 a year and the project is expected to have an economic impact of $3.4 billion over 10 years.
The global demand for aluminum cans is expected to grow over the next decade. The facility plans to be one of the greenest, and highest quality providers of aluminum can sheet in the US. ”There is increasing demand for recycled aluminum packaging from beverage makers driven by a push for sustainability. New Mexico has given us the opportunity to respond with what we expect to be the newest state-of-the-art aluminum rolling mill in North America. This project will positively impact people’s lives and is a win-win for everybody,” Junior Bridgeman, managing partner of Manna Capital Partners, said.
An effort of this scale required the collaboration of utilities, municipalities and other ancillary businesses, including New Mexico Gas, who remains a responsive and forward-thinking local partner. “New Mexico Gas Company is pleased to support AREA’s efforts to position the region and our state as a great place to do business,” said NMGC President Ryan Shell. “We’re excited about this announcement of new jobs and new investment in New Mexico.”
The Village of Los Lunas is also assisting the manufacturer with the issuance of Industrial Revenue Bonds and will act as the fiscal agent. “Manna Capital Partners planned investment in the Village of Los Lunas is a tremendous win for our community as we continue to work each day to retain and attract businesses and employees,” Los Lunas Mayor Charles Griego said.
For assistance in evaluating the Albuquerque region for future investment please contact Grant Taylor, Director of Business Development, AREA at Gtaylor@abq.org or at 505-705-3787.
About AREA
The Albuquerque Regional Economic Alliance is a private, nonprofit organization whose mission is leads and strategies designed to grow and diversify the economic base of the greater Albuquerque region, creating a prosperous, diverse and inclusive economy and elevating the standard of living for all. AREA provides confidential assistance to businesses considering the area for expansion and new investment. Since its creation in 1960, AREA has recruited more than 250 companies and more than 35,000 jobs to the Albuquerque metro area. AREA also provides retention and expansion assistance to existing industry. For more information, visit ABQ.org.
