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.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV