Noranda Aluminum Holding Corporation, an aluminum producer, will invest $45 million to significantly expand the footprint of its smelter in New Madrid, Missouri
, creating 29 new jobs.
"The aluminum smelter here in New Madrid accounts for approximately 13 percent of total U.S. primary aluminum production," says Layle “Kip” Smith, Noranda President and Chief Executive Officer. "Missouri's skilled workforce and competitive business climate have allowed us to compete in the global market and we look forward to our continued growth in aluminum production."
This is the second major investment announcement by Noranda in the New Madrid facility in the past three years. In 2010, the company announced plans to invest $38 million to increase the aluminum smelter's annual metal-production capability by approximately 35 million pounds. The latest investment includes funding for an 80,000 square-foot expansion and the purchase of new state-of-the-art equipment.
"Noranda's continued commitment to expanding its Missouri presence is good news for our economy," Gov. Jay Nixon said. "I'm pleased my administration could support Noranda and help make this project possible to create jobs and stimulate economic growth in southeast Missouri."
The New Madrid smelter has become one of the largest employers in southeast Missouri and currently employs more than 1,000 workers. The facility expansion will allow Noranda to meet greater product demand by increasing the facility's capacity to produce redraw rod, which is used in many electrical infrastructure applications, the Governor’s Office said.
The state of Missouri helped make Noranda's expansion in New Madrid possible through a strategic package of economic incentives, which the company can redeem if it meets the strict job creation and investment criteria.