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Nov 13, 2020

NewCold

NewCold, a global company specializing in temperature-controlled warehousing and distribution, announced plans today to expand its operations to Indiana, establishing a state-of-the-art cold storage facility in Lebanon. To support its growth, the company plans to create up to 202 new jobs by the end of 2023.




 "Indiana's reputation as a destination for growth-minded global companies like NewCold continues to grow," Governor Eric J. Holcomb said. “We were pleased to share Indiana's story with NewCold executives at the SelectUSA Investment Summit last year, and we're excited to welcome them to the Hoosier state today as the company commits to establishing a state-of-the-art cold storage facility in Lebanon, creating hundreds of career opportunities for Hoosiers."

 


 

The Netherlands-based company, which has nine facilities across North America, Europe and Australia, will invest $150 million to establish a 380,000-square-foot facility at the Lebanon Business Park. The new building, which will serve as one of the largest cold storage facilities in the U.S., will be equipped with state-of-the-art automated storage and retrieval systems to transfer and store products for its customers in sub-zero temperature conditions. One of those customers will be Conagra Brands, one of the world’s largest food processors, which will serve as NewCold’s long-term client at its Lebanon facility.

The Indiana Economic Development Corporation offered NewCold up to $2.828 million in conditional tax credits based on its job creation plans. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The city of Lebanon is considering a $9.8 million bond issuance at the request of the Boone County Economic Development Corporation.

This announcement is a positive outcome of the state’s participation in the 2019 SelectUSA Investment Summit, which is a U.S. Department of Commerce program dedicated to facilitating foreign direct investment (FDI) into the U.S. NewCold joins a network of more than 450 European business establishments operating in Indiana. These businesses employ approximately 117,300 Hoosiers, which accounts for nearly 60% of Indiana’s total jobs supported by FDI.