This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Berry Plastics Group Announces Plans To Relocate Manufacturing Equipment To Indiana Facilities

Today, Berry Plastics Group, Inc. (NYSE: BERY) announced plans to further optimize production and relocate manufacturing equipment to four of its Indiana manufacturing operations. The Company will invest approximately $31 million for new infrastructure and equipment, and will also transfer existing equipment from other Berry Plastics facilities. The project will begin in early 2014 and will result in the addition of more than 330 production jobs, over the next two years, at the Company’s downtown Evansville, Evansville airport, Princeton, and Richmond facilities located within Vanderburgh, Gibson, and Wayne counties in Indiana.

"The relocation of production equipment to Vanderburgh, Gibson, and Wayne counties from other Berry facilities supports our restructuring efforts, announced in November 2013, to optimize our manufacturing operations, maximize production efficiencies, and best service our customers,” said Jon Rich, Chairman and CEO of Berry Plastics. “We are extremely appreciative of Indiana’s city, county, and state officials and other partners such as GAGE and Vectren for their joint support of this initiative.”

To encourage the investment and job creation in Indiana, the Indiana Economic Development Corporation ( IEDC) offered the Company a grant up to $300,000 to facilitate job skills training and $2.35 million in Economic Development for Growing Economy (EDGE) tax credits which may be certified over the next 10 years. In addition, the City of Evansville offered the Company a 10-year Tax Phase-In on real property investment, with an estimated value of $1.7 million, and a Modified Schedule of Tax Abatement on personal property investment, with an estimated value of $2.8 million. The City also offered a Hiring/Training Grant with a maximum of $100,000.

In early 2014, the Company will begin accepting applications for the aforementioned production jobs, which will be posted in the Career section of the Company’s website.

“There’s a reason why manufacturing companies looking for a competitive advantage continue to choose Indiana,” said Governor Mike Pence. “As a state that works, Indiana offers a strong legacy in building products that are used around the world. We provide the knowledgeable workforce and low-cost business environment companies like Berry Plastics are seeking when they decide where to locate their next investment, proving why Indiana is a manufacturing leader.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,063.93 -16.21 -0.09%
S&P 500 2,113.55 -4.14 -0.20%
NASDAQ 5,065.8490 -26.2360 -0.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs