Manufacturing company expansion to bring hundreds of jobs
December 12, 2018 11:38 AM
ALBUQUERQUE, N.M.—A manufacturing company is moving into New Mexico, bringing with it 342 jobs.
Admiral Cable plans to expand to Santa Teresa and invest approximately $50 million in a new 65,000 square foot facility that will be a part of a nearly 175,000 square foot plant.
The company represents an elite group of Taiwanese industrial and manufacturing entrepreneurs and investors.
Admiral Cable’s products are primarily assembled electrical cords and power supplies.
Gov. Susana Martinez says the recruitment is being supported by the state’s closing fund, LEDA.
“Last summer when I visited Taiwan and invited the company to invest in New Mexico, I spoke about our business-friendly climate for manufacturers and our high-quality labor force. Since 2011, we have worked hard to make New Mexico a great place to do business and today we are seeing the results.”
The state will contribute up to $3.92 million in LEDA funds for the expansion.
“Admiral Cable is excited to on-shore domestic manufacturing capacity in New Mexico,” said T. C. Huang, Chairman & CEO of Isheng Electric Wire & Cable (majority shareholder of Admiral Cable). “Santa Teresa affords us greater proximity to our customers with efficient market access, supply chain efficiencies, and high-quality labor. New Mexico’s strong business climate for manufacturers makes for a very compelling value proposition. With a competitive total cost of operations, we can compete with foreign-made product right here from Santa Teresa. We thank Governor Martinez and her entire team for their professionalism and support through our site selection process.”
Updated: December 12, 2018 11:38 AM
Created: December 12, 2018 11:36 AM
Copyright 2018 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved