Plastic recycling company Plastic Recycling Solutions will invest more than $25 million to renovate a 100,000-square-foot facility in Richmond, Indiana, creating up to 55 jobs by 2012.

"We are excited to join Richmond, Indiana - a great community and state - that enables businesses to grow and offer opportunity," said David Bender, Perpetual Recycling Solutions CEO. "We represent a green sector of the economy that is growing at 40 percent. Our work is good for the economy of Richmond and Indiana and good for the environment. We will create jobs and opportunity, and give back to the community."

The Indiana Economic Development Corporation offered Perpetual Recycling Solutions up to $500,000 in performance-based tax credits and up to $50,000 in training grants. The board of directors for the Economic Development Corporation of Wayne County has also approved a $475,000 grant for equipment, training, and real estate improvements. The Richmond Common Council will consider additional property tax abatement.

The company will convert approximately 130 million pounds of post-consumer polyethylene terephthalate (PET) plastics from bottles each year. The material is repurposed for food and beverage packaging.