Manufacturer of iron products for the Waterworks/Infrastructure Industry expands Oklahoma foundry; anticipated to create 96 local jobs throughout the expansion project

(South Coffeyville, OK and Brunswick, ME – February 17, 2026) CEI Capital Management LLC (CCML) today announced an investment through the New Markets Tax Credit (NMTC) program, providing low-interest financing for projects in low-income communities, to Star Pipe USA to expand manufacturing capacity at its SP Foundry division. The maker of ductile iron pipe and fittings for the water and wastewater industries will use the investment to support a major expansion at its South Coffeyville foundry to meet increasing demand for its products.

With state-of-the-art molding line and melting equipment, SP Foundry serves as a vital supply hub for Star Pipe’s Houston facility and the associated product manufacturing lines. The NMTC financing supports the acquisition and installation of new and upgraded equipment and investments in power-efficiency upgrades, increasing capacity and quality throughout the manufacturing operations at its Oklahoma foundry.

“The flexibility of the New Markets Tax Credit program is essential to the success of this expansion,” said Rishi Bhutada, Executive Vice President of Star Pipe USA. “Without it we faced more expensive and restrictive commercial financing, and we’d have to consider restricting the project’s scale and postpone crucial workforce development. This financing allows us to be responsive to growing market demand while creating good jobs in our rural community.”

The foundry currently employs 173 people and expects to add 96 new jobs throughout this expansion initiative. SP Foundry offers wages above the MIT Living Wage for a single adult, and all positions are eligible for a robust benefits package. The company has a strong track record of providing training opportunities and promoting from within.

“We invest flexible capital in rural manufacturing companies to help strengthen local communities by supporting businesses that create accessible, high-quality jobs and expand economic opportunities where they are needed most,” said Traci Vaine, CEO, CEI Capital Management LLC. “The SP Foundry expansion shows what’s possible: good jobs with living wages, comprehensive benefits, and real opportunities for training and advancement. We’re proud to back a company that is strengthening the local economy and helping families build a more secure future.”

“Star Pipe USA’s expansion in South Coffeyville will not only strengthen local manufacturing capacity in the community but also create high-quality jobs and new opportunities for families across Oklahoma,” said Melissa Pillars, executive director, J.P. Morgan New Market Tax Credit Group. “By partnering with CEI Capital Management, REI Development Corp and other stakeholders, J.P. Morgan is helping to deliver flexible capital that empowers businesses to grow, invest in their workforce and contribute to the long-term vitality of their communities. The success of this project demonstrates the powerful impact that New Market Tax Credit financing can have in driving economic development and supporting good jobs where they are needed most.”

The company’s increased manufacturing capacity is supported by NMTC financing from CCML, a leading provider of capital to businesses in underserved rural communities. In addition, REI Development Corp. and Chase New Markets Corporation also provided NMTC financing.

The NMTC program is a federal program that provides tax incentives to investors who invest in businesses located in census tracts with low incomes.  J.P. Morgan provided the NMTC equity. Hope Community Capital served as investment consultant to CCML.

About CEI Capital Management CEI Capital Management works nationally to connect new and existing rural manufacturing companies with flexible capital through the Federal New Markets Tax Credit (NMTC) Program and the Maine New Markets Capital Investment (NMCI) Program so they can build good jobs that provide living wages, comprehensive benefits and opportunities for training and advancement. Since 2004, CCML has placed over $1.15 billion of NMTC/NMCI capacity in 107 projects. Learn more at www.ceicapitalmgmt.com