Ag Manufacturer Details $70M ExpansionPosted: Updated:
Iowa-Based Grain Processing Corp. intends to invest $70 million into expanding its Daviess County plant. The company already employs 150 and plans to add as many as 16 jobs over the next four years to cover increased production. December 2, 2014
WASHINGTON, Ind. - Grain Processing Corporation (GPC), a subsidiary of Kent Corporation, announced plans today to invest $70 million to expand its operations here, creating up to 16 new jobs by 2019.
The Muscatine, Iowa-based company, which manufactures and markets corn-based products, will grow its MALTRIN maltodextrins capacity over the next few years at its 600-acre Washington, Indiana complex, accounting for the largest expansion at the Washington plant since it started operations. GPC is in the process of finalizing the engineering design and requesting the necessary permits to begin the construction phase of the additional finishing capacity.
"Indiana's economy is growing, with a Hoosier tradition of growing the food and the businesses that feed our world," said Governor Mike Pence. "GPC leaders needed a state that works - a state that works for agriculture and works for job creation - to grow their business. After looking at other states, that's something they found right here in Indiana."
GPC, which currently has 150 employees in Daviess County and more than 1,500 Kent Corporation employees globally, plans to add new production associates in Washington when the project is operational in the next few years.
"The selection of our Washington, Indiana site for this new multimillion dollar expansion was due to several factors. The business friendly leadership of Indiana Governor Pence and his economic development team showed us they were committed to helping GPC grow," said Gage A. Kent, chief executive officer and chairman of Kent Corporation. "We were also impressed with the local economic development team and the community members who demonstrated they really wanted us to expand our Washington facilities."
GPC develops and distributes a variety of corn-based products worldwide, including maltodextrins, corn syrup solids and starches for the food, pharmaceutical and personal care markets; ethyl alcohol for beverage and industrial use; starches for the paper, corrugated box, textile and wallboard industries; corn oil; animal feed ingredients and pet care products. Opening in 1998, today the company's Washington facilities process 80,000 to 100,000 bushels of corn per day. GPC is actively involved in social and civic activities in the community, most recently contributing $250,000 to fund a new water park in Washington.
The Indiana Economic Development Corporation offered Grain Processing Corporation up to $250,000 in conditional tax credits based on the company's investment plans. Daviess County also supports the project at the request of the Daviess County Economic Development Corporation
"When a company like GPC chooses to place its investment in Daviess County, that choice has a ripple effect," said Anthony (Tony) Wichman, president of the Daviess County Commissioners. "It creates new jobs and supports growth throughout our community. It's great to add this feather to our cap here in Daviess County and a major win for our great team with the Daviess County Economic Development Corporation."
Grain Processing Corporation (GPC) is one of the leading global manufacturers of maltodextrins in the world. MALTRIN maltodextrins are high quality, corn based ingredients used in numerous food, pharmaceutical, and personal care applications. They function as effective carriers, binders, coating and bulking agents as well as have the ability to manage sweetness and viscosity. GPC is also a major manufacturer of grain neutral spirits, food and pharmaceutical starches, industrial starches, and corn syrup solids, specialty products, and feed ingredients. The Company, a subsidiary of Kent Corporation, markets its products worldwide.
Kent Corporation is a diversified family owned corporation with subsidiary companies developing science and nutrition-based finished food products, food and beverage ingredients, pharmaceutical and personal care applications, animal nutrition, and companion animal products. In addition to GPC, the subsidiary companies consist of Kent Nutrition Group, Kent Pet Group, headquartered in Muscatine Iowa, and Kent Precision Foods Group headquartered in St. Louis, Missouri. www.kentww.com
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: Indiana Economic Development Corp.