Pratt Paper Indiana Invests $260 Million In Valparaiso, Indiana, Recycled Paper Plant
Area Development Online News Desk (09/17/2013)
Pratt Paper Indiana, doing business as Pratt Industries, a paper and packaging company, will invest $260 million to locate a new recycling facility in Valparaiso, Indiana, creating up to 137 jobs by 2018. The company will construct its new 250,000, square foot, 100-percent recycled paper, facility on 50-acres adjacent to its existing box-making plant.
The project, which will be completed by July 2015, will include a wastewater pre-treatment facility and road improvements. When it reaches its full capacity, the new mill will produce an increased 360,000 tons of recycled paper each year.
Pratt, which currently employs more than 320 associates in Valparaiso, plans to begin hiring paper machine operators, equipment operators, electrical and instrumentation technicians, shipping representatives, waste yard personnel, shift supervisors and maintenance associates late next year.
"This new recycling facility will allow us to better service the needs of our expanding customer base not only in the Midwest, but throughout the United States," said Anthony Pratt, owner and chairman of Pratt. "And Indiana is a perfect fit for us. We've been a part of the business community here for many years now and we know there is a skilled, reliable workforce available to us. It's also gratifying to work with such dedicated public officials who realize the importance of attracting well-paying manufacturing jobs to the state."
The company produces 1.15 million tons of recycled paper annually, most of which is used to produce packaging for various market sectors including industrial, food and beverage, electronics, pharmaceuticals and telecommunications. When it reaches full capacity, the new facility will produce an increased 360,000 tons of recycled paper each year.
"Companies with existing Indiana operations can speak from experience about the advantages of operating in the Hoosier State," said Gov. Mike Pence. "After conducting a nationwide search for the location of its new paper mill, Pratt decided to expand its Indiana facility because they knew our workforce is up to the task. With the pro-growth business environment we've worked hard to create, companies can expand here with confidence, knowing that Indiana is a state that works."
As an incentive, Indiana Economic Development Corporation offered Pratt Paper, LLC up to $1.2 million in conditional tax credits and up to $200,000 in training grants 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 Northwest Indiana Regional Development Authority will support the project through its Deal Closing Fund. NIPSCO has also offered the company $15 million in additional energy and infrastructure incentives as part of its continued efforts to support local economic development. In addition, the city of Valparaiso will consider additional tax abatement at the request of the Valparaiso Redevelopment Commission.