The Indiana Economic Development Corp. offered Applied Extrusion Technologies up to $100,000 in performance-based tax credits and up to $105,000 in training grants.

Press Release

TERRE HAUTE, Ind. (Feb. 8, 2008) – Applied Extrusion Technologies, one of the nation’s largest manufacturers of plastic film packaging products, announced today it is consolidating its U.S. manufacturing operations here, creating 60 new jobs.

The Delaware-based company is closing its Covington, Va. manufacturing facility and beginning a $9 million project that will expand its Terre Haute facility and relocate products and an idled Virginia line to the Indiana plant.

"More and more companies are recognizing that Indiana is a great place to do business, and we’re glad Applied Extrusion Technologies selected Indiana for this expansion," said Governor Mitch Daniels.

AET, which manufactures oriented polypropylene packaging films for industries ranging from food packagers to gift wrap producers, has begun hiring equipment operators, engineers and technicians. The relocation will bring employment at the Terre Haute site to approximately 520 when the project is complete in 2010.

"The movement of products and facilities to the Terre Haute Site is a result of AET improving its financial performance by optimizing its product portfolio, improving efficiency and effectiveness, redesigning its North American business platform, and strategically planning for growth options," said Thomas Mohr, Applied Extrusion Technologies, Inc. President and chief executive.

The Indiana Economic Development Corporation offered Applied Extrusion Technologies up to $100,000 in performance-based tax credits and up to $105,000 in training grants based on the company’s job creation plans. Vigo County will consider property tax abatement. The Terre Haute Economic Development Corporation assisted in the effort.

"We are pleased that world-class manufacturers such as Applied Extrusion Technologies continue to find Terre Haute and Vigo County, Indiana a great place for business," said Paul Mason, Vigo County Commissioner. "We look forward to AET’s continued success in our community."

Coca Cola®, Pepsi-Cola®, Frito-Lay®, Hershey® and Nabisco® all use films produced by Applied Extrusion Technologies.

About AET

Applied Extrusion Technologies, Inc. offers application-engineered technologies for films used in multiple applications such as graphic media, labeling, flexible packaging, over-wrap, industrial, and holographic promotions. Films, made by AET, are easily converted or used in laminated structures offering industrial and consumer goods manufacturers superior printability, outstanding gloss, high-speed converting, durability and enhanced protection from moisture. These critical attributes are key elements of our ability to provide solutions for numerous converters in the highly competitive industrial and consumer products marketplaces. Producing approximately 55 billion square feet of film annually, AET takes pride in being the leading technology developer and largest producer of highly specialized films in North America. For more information about AET, visit http://www.syncarta.com/.

About IEDC

Established under Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Indiana Secretary of Commerce Nathan Feltman serves as the chief executive officer of the IEDC. Since the creation of the IEDC, the state has posted three consecutive years of record-breaking commitments for new jobs. For more information about IEDC, visit www.iedc.in.gov.

Source: Indiana Economic Development Corp.