Foley, AL – November 25, 2013— As the U.S. economy continues to push its way into recovery and growth, Vulcan, Inc. announces it has invested over $18.5 million in a manufacturing facility expansion through the completion of a New Markets Tax Credit (NMTC) based investment in rural Foley, Alabama. This investment will double the company’s manufacturing capacity and bring high profile manufacturing jobs to an area of Alabama that has traditionally struggled with disinvestment and recent high rates of unemployment.The New Markets Tax Credit program is run by the CDFI Fund under the Department of Treasury. MuniStrategies, Hampton Roads Ventures and Enhanced Community Development were the three New Markets
The New Markets Tax Credit program is run by the CDFI Fund under the Department of Treasury. MuniStrategies, Hampton Roads Ventures and Enhanced Community Development were the three New Markets allocatees that provided federal and state tax credit incentives to help finance this project. Capital One Bank was the federal New Markets Tax Credit investor.New Markets enabled an $18.5 million investment for the expansion of Vulcan’s state-of-the-art aluminum processing facility in Foley, Alabama. The expanded facility will allow the employee-owned company to pursue a new growth trajectory and double its capacity of
New Markets enabled an $18.5 million investment for the expansion of Vulcan’s state-of-the-art aluminum processing facility in Foley, Alabama. The expanded facility will allow the employee-owned company to pursue a new growth trajectory and double its capacity of aluminum coil and sheet production.US Senator Jeff Sessions (R-AL) was quoted as saying, “This type of business expansion makes a huge difference, particularly in rural Alabama. It is good to see federal, state and private incentives come together for such a worthy endeavor.”
US Senator Jeff Sessions (R-AL) was quoted as saying, “This type of business expansion makes a huge difference, particularly in rural Alabama. It is good to see federal, state and private incentives come together for such a worthy endeavor.”Vulcan CEO, Tommy Lee stated, “We are bullish on both the growth of the aluminum industry and also expanding in the Foley community.” In pursuing this course of growth and expansion, Vulcan will complete the hiring of 60 new positions with comprehensive benefits, including membership in our ESOP and participation in our Profit Sharing plan. The project will also create or maintain hundreds of temporary and supplemental jobs pertaining to the construction and continued maintenance of the facility, transportation of supplies and finished goods, and the residual impact of the expenditures by these employees in the local economy.
Vulcan CEO, Tommy Lee stated, “We are bullish on both the growth of the aluminum industry and also expanding in the Foley community.” In pursuing this course of growth and expansion, Vulcan will complete the hiring of 60 new positions with comprehensive benefits, including membership in our ESOP and participation in our Profit Sharing plan. The project will also create or maintain hundreds of temporary and supplemental jobs pertaining to the construction and continued maintenance of the facility, transportation of supplies and finished goods, and the residual impact of the expenditures by these employees in the local economy.Fostering the economic well-being of local communities and their residents is a vital part of our work at Capital One Bank, and we are pleased to support this effort by Vulcan to increase its capacity and create new jobs,” said Spencer
Fostering the economic well-being of local communities and their residents is a vital part of our work at Capital One Bank, and we are pleased to support this effort by Vulcan to increase its capacity and create new jobs,” said Spencer Gagnet, Senior Vice President/Public Finance at Capital One Bank. “At Capital One Bank, we are committed to investing for good in local communities, and a major component of that commitment is supporting workforce development.” Construction on the project has commenced and the new facility will be in full operation by January 2014.
About Vulcan
Vulcan was founded in 1966 as a traffic sign and metal stampings company in Birmingham, Alabama. The company grew steadily in the ensuing decades, ultimately relocating its entire production operation and corporate headquarters to Foley. In 1986, the company constructed a state-of-the-art aluminum rolling mill, enabling it to produce aluminum coil and sheet for the signage industry and other markets.
The late 1990s also witnessed the dedication of a new Technology Center to house its IT Department along with employee training facilities, as well as establishing Vulcan Utility Signs which serves the utility and telecommunication markets. After weathering the economic downturn of recent years, Vulcan has responded to increased demand by completing upgrades and modernization of the rolling mill and incorporating new technology permitting electromagnetic pumping of molten aluminum.
The new plant expansion will help further upgrade the plant equipment and give the company unmatched capabilities within the aluminum manufacturing industry. About the CDFI Fund The CDFI Fund has allocated $36.5 billion in tax credit allocation authority through 749 awards to CDEs through the NMTC Program.
For more information about the CDFI Fund or the NMTC Program, please visit: www.cdfifund.gov.
