CN Wire Opening Plant in Santa Teresa

CN Wire has announced that it will establish its first North American manufacturing facility in Santa Teresa next month.

The company is an affiliate of Turkish company, ER-BAKIR Elektrolitik Bakir Mamulleri A.S., which makes single wire, multiwire, bunched and stranded wire, tin-plated copper and braid wire. Most of its products are used by the automotive and aerospace industries.

The company said it will begin limited production this year, will full operations to start in early 2015. The operation is expected to create about 300 jobs.

According to a news release issued by Gov. Susana Martinez's office, CN Wire will invest $42 million to purchase and renovate a 256,000 square-foot building in the Santa Teresa Business Center. CN Wire has also been approved for $537,626 in Job Training Incentive Program (JTIP) funds to hire and train 79 New Mexico workers.

CN Wire will also relocate their sales and distribution operation from Connecticut to New Mexico.

"I am proud to welcome CN Wire to New Mexico as we continue to diversify our private-sector economy," Martinez said in a statement. "More and more businesses around the country and the world are learning that New Mexico is serious about competing for jobs, attracting new businesses, and helping existing ones grow."

But the announcement was met with surprise by International Wire, which also has an operation in Santa Teresa.

"The State Board of Finance must still decide whether the Industrial Revenue Bonds financing CN Wire's project and tax breaks can be issued. International Wire, as an existing New Mexico business that is a direct and substantial competitor of CN Wire Corporation, believes that it is highly premature to make this announcement before the bond financing is finalized," the company said in a statement. "Of course, International Wire is prepared to compete with CN Wire on a level playing field, without taxpayer subsidies. International Wire is also concerned that the citizens and taxpayers of New Mexico and Dona Ana County have not received full information regarding the costs and benefits of the CN Wire transaction."

source : You are not allowed to view links. Register or Login