Wednesday, 25 June 2014 21:29

Is NM Destroying Its Own?

Is New Mexico Destroying Its Own?

Would the state of New Mexico actually put an existing company at risk to lure new business to the state?

It appears that is exactly what is happening with CN Wire (CN), a Turkish owned copper wire manufacturer. According to the Las Cruces Bulletin (6-13-14), the state and Dona Ana County are providing millions of dollars in subsidies, tax concessions and grants to CN, which will be in direct competition with an existing NM business, International Wire Group, Inc. (IWG).

In 2011, IWG invested millions of its own funds into a failing business which rose from the ashes to become a successful employer of 65.

But how can IWG – or any business - compete with one that is being state subsidized with millions of tax dollars?

Read the full article β€˜Is New Mexico Destroying Its Own in the Name of Economic Development?’ by NMBC President Carla Sonntag HERE.

Please contact the NMBC at (505) 836-4223 or nmbiz@nmbizcoalition.org with any questions or comments.

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