Camden, Tennessee – RDP awarded $17.5 million in New Markets Tax Credit (NMTC) financing to MagPro, LLC, a Nonferrous Metal Production and Processing corporation located in Camden, Tennessee. Funding will enable the purchase of parts necessary to construct 5-7 vacuum furnaces, driving expansion and growth for the company while creating an additional 150 quality jobs in rural Benton County. RDP allocation is the second in a two-phase business plan utilizing NMTCs, the first enabling MagPro to increase production by nearly 100% while creating over 50 new jobs. Employees receive specialized in-house training and workforce development opportunities unique to the industry, presenting a great opportunity for rural workers to economically further their skillsets.
Benton County Mayor Mark Ward stated, “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 United States magnesium industry consumed $4.35 billion worth of magnesium in 2021, $4.58 billion in 2022, and is projected to reach $7.6 billion in sales by 2032. MagPro is building its cash reserves so it can undertake substantial increases in the purchasing of raw materials and inventory. There is, effectively, an unlimited amount of raw material available, but shortfall of those who can manufacture and recycle magnesium the way MagPro can. The company’s immediate goal is to promote their current product line while extending its portfolio of products and services. Magnesium is primarily used in the aluminum and steel industries, also by die casters who make parts for the aerospace, automotive and medical industries, the military, and so much more. MagPro’s business plan projects a 25% increase in the purchase of inventory and raw materials, resulting in a 40-50% increase in sales volume over the next five years. Their ultimate goal within the next 10 years is to become the largest primary magnesium producer in the United States, bringing jobs to America and substantially decreasing U.S. industry dependence on imports.
MagPro
MagPro LLC was founded in 2003 and is one of the only magnesium manufacturer in the world that recycles low grade magnesium scraps, offering a number of tolling conversion programs for specification as well as specialty alloys tailored to meet individual customer needs.
