Colclasure Enterprises to Build New Manufacturing Plant in Selma, Alabama, Boosting Local Economy with 50 New Jobs

New Manufacturing Opportunity in Selma, Alabama

Colclasure Enterprises, LLC, an affiliate of Timewell Drainage Products, has announced its plan to establish a new manufacturing plant in Selma, Alabama. This project is made possible through a $12 million allocation from the New Markets Tax Credit (NMTC) program, facilitated by UB Community Development, LLC. The initiative marks a significant investment in the area, with the creation of 50 full-time jobs for local residents.

The new facility will be situated in Craig Industrial Park, where it will retrofit a currently vacant building to produce extruded pipes. The decision to set up operations in Selma aligns with Timewell's long-standing commitment to providing high-quality plastic pipes and drainage solutions to various sectors, including agriculture and construction. With additional loans amounting to $8.7 million from United Bank, a certified Community Development Financial Institution (CDFI), the project is set to take off significantly.

Alex Jones, President of UB Community Development, expressed pride in contributing to Alabama's rural economy, particularly in the historically affected Black Belt region, emphasizing the importance of facilitating economic opportunities in these underserved areas. He stated, "The closing on this NMTC transaction to assist Colclasure Enterprises continues our long-standing record of assisting economic development in Alabama."

One major benefit of the NMTC funding is the broad training program that will be available for employees at the new facility. The training program will cover a range of skills, from truck driving to the maintenance of the specialized machinery used in the production of the extruded pipes. This effort aims to ensure that most of the new positions are filled by individuals from the Selma community, thereby fostering local talent and promoting job accessibility.

Cory Colclasure, the CEO of Timewell Drainage, remarked on the significance of this expansion: "With the assistance of the NMTC allocation and UB Community Development, we are proud to invest in Selma. This facility not only allows us to expand our operations but also brings valuable job opportunities and economic growth to the community."

Timewell Drainage is well-established in the market, with a headquarters in Timewell, Illinois, and several other facilities across the Midwest and Southern United States. Their commitment to producing top-tier high-density polyethylene (HDPE) drainage products is evident through their continuous endeavors to meet market needs effectively.

UB Community Development is committed to enhancing the communities it serves. Based in Atmore, Alabama, it focuses on impactful projects across various sectors, including healthcare, education, and affordable housing. This new manufacturing plant in Selma reflects the organization’s vision to drive economic change and infrastructure development through strategic partnerships and funding initiatives.

In conclusion, the establishment of Colclasure Enterprises' new plant is a shining example of how targeted financial efforts can lead to sustainable economic growth and community development. With the support of UB Community Development, this project promises to enhance local job opportunities, promote skill development, and elevate the overall economic landscape of Selma, Alabama.