ATMORE, Ala., January 31, 2023 /PRNewswire/ — UB Community Development, LLC (UBCD), a community development partner of United Bank, announced the deployment $13.5 million in New Markets Tax Credit (NMTC) allocations for the silicon metal production facility in Selma, Alabamaowned by Globe Metallurgical Inc. (GMI).
UB Community Development, a subsidiary of United Bancorporation of AlabamaInc., announces $13.5 million in new markets
GMI is a subsidiary of Ferroglobe PLC, a world leading manufacturer of specialty alloys based on silicon metal, silicon and manganese. The NMTC allocation has allowed GMI to acquire and upgrade equipment. The NMTC will be used to support the refurbishment of two older silicon furnaces and upgrade existing infrastructure, including foundations, material handling equipment, on-site power systems, utilities and rail access. The two-oven operation in Selma has a total annual capacity of 22,000 tons of silicon metal.
congressman Terri Sewellfrom Alabama 7th congressional district, whose home is in Selmaadded: “I am pleased with the increased investment in the operations of GMI Selma. The New Markets Tax Credit improves economic opportunity for many families and businesses in the area. GMI’s product also supports US-based manufacturing for critical strategic materials that feed our country’s supply chain for semiconductors, solar energy products, military energy storage, as well as steel, aluminum and chemicals.”
The 170,000-square-foot manufacturing facility closed in 2018 due to low prices caused by a glut of imported silicon metal. The facility employs around 100 skilled workers and will contribute directly to the local community and surrounding businesses that support the operation through well-paying jobs.
Alex JonesPresident of UB Community Development, LLC stated, “To be able to support GMI in returning the Selma Plant for production and employment of 100 employees from the Selma Community is exactly why NMTCs exist. In addition, support for job creation in Alabama Communities is our mission and this project was 100% in our wheelhouse.”
GMI, in partnership with the Alabama Workforce Training Center (AIDT), offers on-site vocational training for electricians, welders, machinists, and mechanical and maintenance engineers. The allocation from the NMTC program will help make the plant more competitive in the global market.
About UB Community Development
UB Community Development’s strong history and experience in new market tax credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama the premier financial partner for economic and community development. Through our NMTC projects, the Community Facilities Lending Program and the Community Housing Capital Fund, UBCD works with community development partners in healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.
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SOURCE United Bancorp