New Mexico Local Economic Development Act Funding Helps Create 250 Accurate Jobs

Accurate, an Albuquerque-based manufacturing company, is going to build a new facility at the Los Morros Business Park in the Village of Los Lunas, NM.

Village of Los Lunas, NM

Village of Los Lunas, NM (photo – acommunitythatworks.com)

The company will break ground on the new 107,500-square-foot facility in Sept, and plans to create 250 new jobs with wages between $18 to $30 per hour.

Actually, the family-owned business is made of two companies – Accurate Machine and Tool (AMT) and Accurate Custom Injection Mold (ACIM). Together, they currently employ 50 workers, so the expansion will increase their workforce five-fold.

ACIM is one of only three companies in the United States producing in-mold labeled drink ware. Their product line includes food and beverage packaging for sports arenas and movie theaters.

In order to secure the project and keep the company’s expansion within the state, the New Mexico Economic Development Department approved $400,000 as incentives for AMT and ACIM through Local Economic Development Act funding.

Communities in New Mexico that have passed a Local Economic Development Act are able to adopt an ordinance for creating a strategic plan and an economic development organization, and embark on economic development projects tailored to their specific local needs.

Accurate Machine and Tool’s Greg Pluemer said they needed to expand because of increasing sales and contracts, but there was no room at their current location.

Pluemer added that they looked at the numbers and it was clear that New Mexico is the most competitive and welcoming place for them to operate. He also singled out the new tax changes for manufacturers as one of the factors that helped them decide.

Legislation signed by Governor Susana Martinez in 2013 introduced a single sales factor for manufacturers and is reducing New Mexico’s corporate income tax rate from 7.6 to 5.9 percent in stages over five years. Another piece of legislation eliminated tax pyramiding, a practice which subjected finished construction and manufacturing sector projects to double and triple taxation.

“We are proud to help local, family-owned companies like Accurate grow and expand in New Mexico,” said Governor Martinez in a statement issued by the New Mexico Economic Development Department.

NMEDD Cabinet Secretary Jon Barela said he is thrilled that companies like Accurate continue to find New Mexico’s business environment as a competitive place to do business.

Secretary Barela added that they have been working hard to reform the climate for businesses, and continue to improve New Mexico’s reputation as an ideal place for manufacturing.

Leave a Reply

Your email address will not be published. Please enter your name, email and a comment.