NewCold doubles Indiana cold storage investment
NewCold is expanding is cold storage facility in Lebanon, Indiana, in a move that will double its investment in the community, the company reports.
The Netherlands-based company now has more than $300 million earmarked for the project.
“This additional investment of more than $150 million in Lebanon creates the largest automated cold storage facility in the United States,” Jonas Swarttouw, NewCold’s executive vice president and chairman for North America, said in a news release. “Aside from the positive economic impact and high-quality employment opportunities, this strengthens resilience in the food supply chain.”
NewCold first announced its plan to establish a facility in Lebanon in 2020, with an initial capital investment of $150 million. The facility became operational last fall. Construction on the $150 million expansion is underway and expected to be completed in summer 2024, NewCold said.
“The expansion of NewCold’s facility in Lebanon is a testament to our strong community and business environment,” Lebanon Mayor Matt Gentry said. “We are excited that NewCold continues to succeed and grow here.”
Added Molly Whitehead, Boone County Economic Development Corporation executive director: “We continue to focus our local economic development strategy on agbioscience companies, including food manufacturers and suppliers such as NewCold. Agbioscience companies naturally fit well with our heritage, and we look forward to welcoming more companies like NewCold to our local ecosystem.”
Based on the company’s plans to create up to 100 jobs by the end of 2028, the Indiana Economic Development Corporation (IEDC) committed to an investment in NewCold of up to $1.65 million in the form of incentive-based tax credits. These credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired, IEDC stated.
“Indiana is the ideal global destination for logistics leaders like NewCold to grow and innovate,” said Ann Lathrop, IEDC chief strategy officer. “We are thrilled that the company is significantly increasing its original investment just a few short months after launching operations in Indiana and are confident the state’s top-ranked business climate and skilled Hoosier workforce will continue to propel NewCold’s remarkable growth and success.”
