Micronutrients, an agribusiness that produces animal feed additives, announced plans to expand its operations in Indiana, establishing a new $30 million, 164,000 sq. ft. project in Henry County and creating up to 50 new jobs by 2020.
The company, which was acquired last year by Netherlands-based Nutreco, will build the manufacturing plant and warehouse at 385 E. County Road 400 S. in New Castle. It will house mixing tanks, spray dryers and packaging equipment.
Micronutrients, which was established in Indianapolis in 1994, plans to break ground in Henry County in late 2017, allowing the company to continue its current growth and increase its market share globally.
“Indiana was originally chosen in 1994 as it was the home base for the overall corporation,” Ted Moore, vice-president of operations at Micronutrients, said in a statement. “Continued expansion in Indiana, specifically New Castle, is for an entirely different reason. While there is something to be said for having current operations nearby, the primary reasons for the New Castle location decision were the cooperative nature of the state and local governments and, most importantly, the quality workforce that is available in Indiana.”
The Indiana Economic Development Corporation (IEDC) offered Micronutrients USA up to $500,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The IEDC will also provide the community with up to $200,000 in infrastructure assistance from the state’s Industrial Development Grant Fund. Henry County approved additional incentives at the request of the New Castle-Henry County Economic Development Corporation.