Process Equipment and Service Company, a family-run manufacturing and service business, will expand its facility in Farmington, New Mexico
, creating 150 manufacturing-related jobs.
Governor Susana Martinez’s Office noted the announcement comes just two days after another family-run manufacturer, Accurate, announced the creation of 250 new jobs in Los Lunas, New Mexico.
Accurate's two companies, Accurate Machine and Tool and Accurate Custom Injection Mold will break ground in September on a new 107,500 square foot facility located in the Los Morros Business Park, also creating 250 new jobs.
"PESCO is a home-grown company, marking a significant expansion," said Governor Martinez. "I had the pleasure of touring the PESCO facility a couple years ago, and we talked at that time about ways in which the State could better partner with businesses in order to make expansions like this possible. Diversifying our economy is critical to long-term economic growth in New Mexico, because we know that we simply cannot continue to rely on a dysfunctional federal government to chart our economic course."
"When Governor Martinez took office our recruitment and expansion pipeline was bare, but today we are experiencing increased growth as a result of our numerous efforts to make our tax environment more competitive
, and our business climate more welcoming," said Economic Development Department Cabinet Secretary Jon Barela. In 2013, Governor Martinez signed legislation adopting a single sales factor for manufacturers in New Mexico, and reducing New Mexico's corporate income tax from 7.6 to 5.9 percent over five years,