Louisiana-based Consolidated Grain and Barge Co. is planning to invest more than $31 million into expanding its soybean processing operation at the Port of Indiana-Mount Vernon. The company says the move will boost production and result in a small number of new jobs.
When construction is complete, CGB says the facility will be double the size of when it first opened nearly 20 years ago. The Indiana Economic Development Corp., which is offering up to $45,000 in conditional tax credits, says the expansion will offer more opportunities for Hoosier soybean farmers. Indiana ranks third-highest in the nation for soybean production.
Senior Vice President Steve O’Nan says "CGB is excited to announce the growth of its Mount Vernon location. The soybean processing industry is very competitive, and this investment will allow us to remain competitive in the future. We are proud to be a part of Indiana agriculture and, with this expansion, will remain an important part of southwest Indiana’s agriculture community for many years to come."
The Mount Vernon facility is the company’s only soybean processing operation and 60 percent of its volume comes on barges through the port system. CGB has a large footprint throughout the country and employs more than 300 in Indiana, one-third of which are in Posey County.
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