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Manna Capital Partners-Ball Corporation Plan Valencia County, New Mexico, Aluminum Can Sheet Rolling Mill

05/27/2022
Louisville-based Manna Capital Partners will construct an aluminum can sheet rolling mill and recycling center in Valencia County, New Mexico. The $2 billion project is expected to create more than 950 jobs.

The company signed a letter of intent to purchase a 1,300-acre parcel in Los Lunas with construction set to start by late 2023 and manufacturing in 2026, according to state officials. Ball Corporation, a leading global provider of infinitely recyclable beverage packaging, will enter into a long-term supply agreement and also intends to take a minority equity position.

”There is increasing demand for recycled aluminum packaging from beverage makers driven by a push for sustainability. New Mexico has given us the opportunity to respond with what we expect to be the newest state-of-the-art aluminum rolling mill in North America. This project will positively impact people’s lives and is a win-win for everybody,” Junior Bridgeman, managing partner of Manna Capital Partners, said.

The State of New Mexico is pledging $5 million from its Local Economic Development Act (LEDA) job-creation fund to support the project with assistance paid out as the manufacturer reaches economic development benchmarks, to be determined in a Project Participation Agreement.

The Village of Los Lunas is also assisting the manufacturer with the issuance of Industrial Revenue Bonds and will act as the fiscal agent. The project may also qualify for a percentage of the GRT it spends on construction to be rebated, under a 2021 law signed by Governor Grisham that allows for a portion of construction-related gross receipts tax to be rebated back to companies for large, significant, job-creating projects. The assistance is pending formal review and approvals from the governing bodies of Valencia County and the Village of Los Lunas.

“This state investment will not only bring new higher-paying jobs for New Mexicans, but it expands our manufacturing footprint with sustainable, responsible products that will see increasing demand," Economic Development Cabinet Secretary Alicia J. Keyes said. "The Economic Development Department and our partners worked together for months to bring this project here. We competed against 10 other sites and now these jobs are coming to New Mexico. True collaborative efforts like this one result in great successes for our state."

The facility would be powered with 100% renewable energy from PNM and have the capacity to manufacture up to 1.3 billion pounds of aluminum annually, with plans to ensure 85% recycled content after the mill is fully operational. The Public Service Company of New Mexico is working closely with Manna throughout the process to ensure renewable energy goals are realized. The site will require in excess of 500,000 megawatts of electricity a year.

“Since last August, when AREA was contacted by Manna Capital Partners and introduced to its project, AREA’s Director of Business Development Grant Taylor has worked as a central point to collect data, make partner connections, and turn over every stone that helped the company to make its decision to locate in the region,” Danielle Casey, president & CEO of AREA, said. “Manna’s team has demonstrated that it will be a tremendous corporate citizen in the state and an employer of choice in the region. From Gov. Lujan Grisham to Mayor Griego and numerous economic development partners in between, we’re grateful to everyone’s investment and ongoing stewardship to ensure this project’s success.”

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