With less than one year in operation in Lebanon, Indiana, one food logistics company is preparing to double its capital investment.
NewCold announced in 2020 announced its plans to have a presence in the city and has been operational since fall 2022. It now has earmarked a total of more than $300 million due to an expansion project.
“This additional investment of more than $150 million in Lebanon creates the largest automated cold storage facility in the United States,” said Jonas Swarttouw, NewCold’s Executive Vice President and Chairman of North America. “Aside from the positive economic impact, and high-quality employment opportunities, this strengthens resilience in the food supply chain.”
The Boone County Economic Development Corporation, according to its Executive Director Molly Whitehead, is looking forward to NewCold’s “continued positive impact” on the community.
“We are invested in working with companies like NewCold who prove to be innovators in the food logistics industry,” Whitehead said. “The Boone EDC works diligently to create a desirable county for businesses like NewCold to build and expand.”
$7B Earmarked For America’s First Clean Hydrogen Hubs
Located across the U.S., seven Regional Clean Hydrogen Hubs will create jobs, strengthen nation’s energy security, and combat climate crisis. Read more…
The company also plans to create up to 100 jobs by the end of 2028, prompting the Indiana Economic Development Corporation to commit to up to $1.65 million in incentive-based tax credits.
“Indiana is the ideal global destination for logistics leaders like NewCold to grow and innovate,” said Ann Lathrop, Chief Strategy Officer at the IEDC. “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.”
Construction already has started on the expansion, which is expected to be open in summer 2024.
