The state of Wyoming will pay $13 million in financial incentives to rifle-parts manufacturer Magpul Industries, which is moving from Colorado in protest of a new law banning one of its premier products — 30-round ammunition magazines.
Magpul announced the move in January, but the scale of Wyoming’s State Loan and Investment Board only approved the incentive package last week.
The money will be used to construct a new building for the company in Cheyenne, according to The Associated Press.
The funds are divided into an $8 million grant and a $5 million loan that comes with a $6 million guaranteed repayment. Local incentives add to the package, bringing the total closer to $17 million.
Magpul is expected to bring about 90 jobs to Wyoming and to contribute about $20 million to the state economy.
Magpul threatened to pull up stakes from Colorado last year while the Democratic controlled state legislature debated a bill banning ammunition magazines that hold more than 15 rounds. States from across the country wooed the company, which decided to move its headquarters to Texas and its manufacturing operation to Wyoming. The governors of both states were involved in sealing the deals.
“Moving operations to states that support our culture of individual liberties and personal responsibility is important,” CEO Richard Fitzpatrick said in a statement in January announcing the move.
Randy Bruns, Cheyenne’s chief economic development officer, told the AP that Magpul may be just the first company in what could become an arms manufacturing cluster in Cheyenne. He said he’s been in touch with other companies seeking to relocate due to pending gun control legislation in other states.
Magpul officials said they hope to begin moving some jobs to Wyoming by the end of the summer and completing the transition when the new facility is built.
The company currently employs about 200 people in Colorado.
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