General Mills Finds Buyer For New Albany Plant

(Image courtesy of New Mill Capital)

The shuttered Pillsbury plant in New Albany has new owners. New Mill Capital Holdings and Tiger Capital Group, both based in New York, are planning to sell off remaining production equipment early next year and put the 34.5-acre property back on the market.

The price of the deal between the joint venture and former owner General Mills (NYSE: GIS) is not being disclosed.

New Mill Capital Holdings Principal Gregory Schain says "this plant is one of the highest-quality food production and distribution facilities currently available in the Midwest. Between the high capacity waste water treatment, cooler space, rail access, storage silos, and many other amenities, this is turnkey space suitable for a variety of process and packaging operations."

The companies say it will seek buyers with plans for "other food or non-food manufacturing uses" and could adapt the facility for single or multiple tenants.

Tiger Commercial & Industrial Division President Jeff Tanenbaum says "this acquisition adds to our rapidly growing joint venture, in which we purchase high quality industrial plants on a turnkey basis for the purpose of remarketing the assets. We look forward to a successful auction sale and to working with the city of New Albany and state of Indiana to put jobs and economic life back into the building."

Job cuts at the former 450,000 square-foot Pillbury plant started in January and continued throughout the year. More than 350 workers were employed at the time the closing was announced. The company has a presence in the Floyd County since 1959.

Two online auctions of the old equipment are slated for January 25 and January 30.