Evansville-based Berry Global Inc.’s (NYSE: BERY) previously-announced expansion plans are moving forward. Our partners at WEHT-TV report the Evansville City Council has approved a five-year tax phase-in plan for the $50 million project, which includes a new commercial production facility.
As part of the tax phase-in plan, Berry would not begin paying taxes on the expansion for six years. WEHT reports the cost of the project could potentially reach $70 million and would bring 150 jobs to the city.
"It became apparent that we need to and should work closely with Berry," Evansville Mayor Lloyd Winnecke said Monday to the council. "We’re delighted to put together the incentive package that we did. We look forward to their affirmative response."
When the expansion was first announced earlier this month, Berry said the investment would investment will focus on its proprietary Spinlace asset within its Health, Hygiene, and Specialties Division. The company has not made a final decision on the exact location of the expansion.