ALBUQUERQUE (KRQE) - A Fortune 500 company has moved into Albuquerque.
A ribbon cutting ceremony on Thursday officially opened the Sumitomo facility next to Emcore in southeast Albuquerque.
The company produces a wide range of products from optical fibers and cables to electronic devices and automotive parts.
The company has operations in more than 30 countries and employs 190,000 people.
However, it won't bring any new jobs here. It's just using 50 current Emcore employees. Sumitomo will pay Emcore $3.7 million to lease the facility, and the State Land Office will get a percentage of that lease.
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