Expanded Mueller Copper Tube will be largest facility of its kind in North America
Enhanced Community Development, a subsidiary of Enhanced Capital, Wells Fargo and Three Rivers Community Development Entity announced today that they are helping finance the expansion of Mueller Copper Tube.
Mueller Copper Tube is a subsidiary of Mueller Industries, a global manufacturer and distributor of premium quality copper tube and pipe for plumbing, air conditioning, refrigeration, medical gas and other applications. Mueller is using the financing to purchase equipment and expand its existing production facility in Fulton.
Together Enhanced Community Development, Wells Fargo and Three Rivers Community Development Entity are providing a combination of federal New Markets Tax Credits (NMTCs) and Mississippi NMTCs for the project. The facility expansion is expected to bring long-term economic benefits to an economically distressed, rural area.
“Wells Fargo is pleased to be part of such a transformative project,” said William Turner, Senior Vice President, Wells Fargo. “To see our dollars at work retaining and bringing new employment to this deserving community is just another reminder of why we invest in the ways that we do. The Mueller organization has been an integral part of the local community for the past 40-plus years, and we are excited to see the impact this project will have on the people and economy of Fulton, Mississippi.”
The project will have significant macroeconomic impacts on the state of Mississippi, including increases in employment, income and output, thanks to increased activity with local suppliers for project completion. The facility’s expansion is projected to create new permanent jobs with a full range of benefits as well as job training opportunities coordinated with Itawamba Community College, also in Fulton. In addition, the project is expected to create jobs related to the construction phase of the project.
“Mueller continues to be a key economic driver in Northeast Mississippi,” said Vernon R. Kelley III, Executive Director of Three Rivers. “This investment will help increase the stability and future growth of Itawamba County’s largest employer. We are extremely proud to participate in this NMTC transaction.”
Mueller plans to employ local service providers to assist in building new structures and installing equipment. The increase in economic activity at Mueller will also improve financial conditions at other businesses, creating job growth and more tax revenue from new employees and other companies supporting the expanded facility’s operations.
“A large part of Enhanced Capital’s mission is to improve communities through impact investing, and we are so excited to work with Mueller Copper Tube on this meaningful project,” said Richard Montgomery, Vice President of Enhanced Community Development. “Federal and state New Markets Tax Credits are powerful tools in getting resources to businesses like Mueller that support our small towns and rural communities.”
About Mueller Industries:
Celebrating its 100th anniversary in 2017, Mueller Industries has built a well-earned reputation for offering the finest-quality plumbing, HVAC, refrigeration, and industrial products in the industry. Mueller is a leading manufacturer of a broad range of copper, brass, aluminum, and plastic products, including copper tube and fittings; line sets; brass and copper alloy rod, bar, and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; fabricated tubular products; and steel nipples. Mueller operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, and China.
About Wells Fargo:
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. About Three Rivers Community Development Entity: Three Rivers CDE is a subsidiary of Three Rivers Planning and Development District, which has provided Community & Economic Development services in rural Mississippi for over 45 years. Three Rivers CDE utilizes the NMTC program and other loan funds to help facilitate manufacturing and other high community impact projects, and to help improve access to healthcare in low-income communities in rural Mississippi.
About Enhanced Community Development:
Enhanced Community Development (ECD), a subsidiary of Enhanced Capital, is a federally designated Community Development Entity focused on the financing needs of businesses and developments located in or serving low-income communities. ECD proudly participates in the federal New Markets Tax Credit (NMTC) program and a variety of state NMTC programs. ECD is an Equal Opportunity Provider. Since 2006, ECD has deployed more than $500 million in federal and state NMTC allocation to job-creating businesses and organizations in economically distressed communities.