FOREST CITY, Iowa, April 15, 2025 /PRNewswire/ — Rural Building Companions (RDP) awarded $17.5 million in Pristine Markets Tax Credit score (NMTC) financing to MagPro, LLC, a Nonferrous Steel Manufacturing and Processing company positioned in Camden, Tennessee. Investment will allow the acquisition of portions important to build 5-7 vacuum furnaces, riding enlargement and enlargement for the corporate presen growing an extra 150 attribute jobs in rural Benton County. RDP allocation is the second one in a two-phase marketing strategy using NMTCs, the primary enabling MagPro to extend manufacturing by means of just about 100% presen growing over 50 unused jobs. Staff obtain specialised in-house coaching and staff construction alternatives distinctive to the business, presenting a superior alternative for rural staff to economically additional their skillsets.
Benton County Mayor Mark Ward mentioned, “The expansion will significantly benefit our local and nearby rural communities. MagPro’s understanding of the value of meaningful contributions has made it an integral part of our economic development efforts, and we greatly appreciate their continued partnership and support.”
The US magnesium business fed on $4.35 billion virtue of magnesium in 2021, $4.58 billion in 2022, and is projected to achieve $7.6 billion in gross sales by means of 2032. MagPro is construction its money reserves so it may adopt really extensive will increase within the buying of uncooked fabrics and stock. There may be, successfully, a vast quantity of uncooked subject matter to be had, however shortfall of those that can build and recycle magnesium the best way MagPro can. The corporate’s rapid purpose is to advertise their flow product series presen extending its portfolio of services. Magnesium is basically worn within the aluminum and metal industries, additionally by means of die casters who manufacture portions for the aerospace, car and clinical industries, the army, and so a lot more. MagPro’s marketing strategy initiatives a 25% build up within the acquire of stock and uncooked fabrics, to effect a 40-50% build up in gross sales quantity over the then 5 years. Their last purpose throughout the then 10 years is to transform the biggest number one magnesium manufacturer in the USA, bringing jobs to The united states and considerably reducing U.S. business dependence on imports.
“RDP is proud to partner with MagPro on this very impactful project to enable them to strengthen their efforts in providing high-quality jobs in Camden and the surrounding area. China is currently the world leader in magnesium manufacturing and MagPro’s expansion will greatly help reduce the USA’s industry reliance on them.” – Dan Helgeson, CEO of Rural Building Companions
MagPro
MagPro LLC used to be based in 2003 and is without doubt one of the international’s greatest magnesium recyclers, and 2d greatest manufacturer of Number one Magnesium in the USA. MagPro is the one magnesium producer on the earth that recycles low grade magnesium scraps, providing various tolling conversion techniques for specification in addition to forte alloys adapted to fulfill particular person buyer wishes.
Rural Building Companions LLC
Rural Building Companions is a Society Building Entity with a countrywide carrier segment eligible to use for an annual allocation of Federal Pristine Markets Tax Credit. From 2004 thru 2024, RDP has received 13 NMTC awards from the United States Treasury totaling $816.7 million. Investment has helped over 50 companies and nonprofits extend to serve attribute jobs, financial affects, and wholesome meals get right of entry to in underserved communities. RDP seeks to grant and spouse with companies, non-profits, communities, and executive entities that percentage its venture to manufacture public-private partnerships for catalytic task enlargement in rural The united states. Be told extra about RDP and the NMTC program by means of visiting our website or social media platforms at Facebook, LinkedIn, and YouTube.
Media Touch: Rural Building Companions [email protected]
SOURCE Rural Building Companions
