Taiwan-based Admiral Cable announced plans to extend its manufacturing operations to New Mexico, where it will investing $50 million to build a 65,000-sq-ft facility in Santa Teresa as the first phase of expansion.

Per multiple published reports citing the office of New Mexico Gov. Susana Martinez, the project will not be completed until early 2020, at which time the facility will be 175,000 sq ft. The company, which makes assembled electrical cords and power supplies and other industrial cables and wires, expects to hire 342 employees.

The governor said in the statement that she was able to connect with Admiral Cable last summer on a trip to Taiwan and the relationship developed from there. The state will provide up to $3.92 million in Local Economic Development Act funding for the expansion.

“Admiral Cable is excited to on-shore domestic manufacturing capacity in New Mexico,” T. C. Huang, chairman and CEO of I-sheng Electric Wire & Cable, a majority shareholder of Admiral Cable, said in a statement. “Santa Teresa affords us greater proximity to our customers with efficient market access, supply chain efficiencies and high-quality labor.”

Huang said that the state was an attractive place for the expansion. New Mexico’s strong business climate for manufacturers makes for a very compelling value proposition. “With a competitive total cost of operations, we can compete with foreign-made product right here from Santa Teresa. We thank Governor Martinez and her entire team for their professionalism and support through our site selection process.”