Created: 06/26/2014 9:17 PM
By: APNewsNow, Associated Press
SANTA TERESA, N.M. (AP) - Gov. Susana Martinez says CN Wire will establish its first North American manufacturing facility in Santa Teresa, bringing 300 new jobs to the community.
State officials announced Thursday that CN Wire will invest $42 million to purchase and renovate a 256,000 square-foot building in the Santa Teresa Business Center.
The facility will serve customers throughout North and South America, mostly in the automotive and aerospace industries.
The company's products include single wire, multi-wire, bunched and stranded wire, tin-plated copper and braid wire.
However, officials with the International Wire Group said New Mexico's Board of Finance still must decide whether the industrial revenue bonds financing CN Wire's project and tax breaks can be issued.
International Wire says it's an existing New Mexico business that is a direct competitor of CN Wire.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)