ALBUQUERQUE, N.M. — The Albuquerque City Council this week approved a package of incentives, including $250,000 in Local Economic Development Act money and the sale of $35 million in Industrial Revenue Bonds from the city for the expansion of Jabil Inc.’s Albuquerque location.
The money and bonds are part a public-private partnership proposal to support Jabil;s development of its local operations into a Center of Excellence for 3D Printing.
The Florida-headquartered company, for its part, has pledged to invest nearly $42 million in new technology and equipment, add 120 jobs the next five years, and launch local workforce development and high-tech manufacturing training initiatives with local colleges, according to a news release from the city.
Jabil is an international manufacturing solutions business that provides comprehensive design, manufacturing, supply chain and product management services for a variety of industries. It is considered a leader and pioneer in metal 3D printing capabilities.
“Investing in 3D printing strengthens our city’s foothold in key industries and builds on our assets as a technology hub,” Mayor Tim Keller said in a statement.
“This deal even goes a step further by creating valuable job opportunities for our young and talented workforce in partnership with the University of New Mexico and Central New Mexico Community College” he said. “I appreciate the Council’s willingness to invest in our local workforce and help build an economy that works for everyone.”
There are currently more than 360 full-time employees on site, in addition to a temporary workforce of approximately 70 associates, according to the release. Jabil is expected to work with area educational institutions, including UNM and CNM to develop its workforce here.
The State of New Mexico has pledged up to $750,000 in additional LEDA funding.