A subsidiary of Japan-based Kuraray Co., MonoSol, a manufacturer of water soluble polymer films, compounds and solutions, will locate its new $65 million facility in Portage, Indiana
, creating up to 150 new jobs by 2020.
The Merrillville-headquartered company will invest $65 million to construct and equip the first two phases of a new 300,000 square-foot manufacturing facility at Ameriplex at the Port in Portage, with an additional $30 million investment planned for phase three.
Phase one, which is expected to be operational by late 2016, will initially cover 90,000 square feet and will increase the company’s capacity by approximately 15 percent. Phases two and three are slated for 2017 and 2020, respectively. MonoSol, which currently has more than 445 employees, including 300 full-time in Indiana, plans to begin hiring next year.
“As a member of the global Kuraray team, we examined locations in several continents for this expansion,” said P. Scott Bening, CEO of MonoSol. “Portage, Indiana, was chosen over several European locations and other North America locations in Michigan, Ohio and Wisconsin. Our roots, natural resource availability, workforce confidence, relationships with service providers and the support from the state of Indiana and city of Portage tipped the scales. The city did great job coordinating the necessary supporters. The state also assisted by providing partnership incentives making this growth possible in Indiana.”
“Study the numbers, and you’ll notice that in Indiana the math adds up,” said Governor Mike Pence
. “From a business climate ranked among the best in the nation to an all-around affordable cost of doing business, growing companies know that Indiana offers the ideal formula for success. As an international company, MonoSol had a world of choices when selecting where to locate this new operation. We are happy that the math led them to Indiana, a state that works for business.”
Along with its Merrillville headquarters and existing facility in Portage, the company also operates production facilities in La Porte, Indiana and Hartlebury, England.
The Indiana Economic Development Corporation offered MonoSol up to $1,575,000 in conditional tax credits
. 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 supports the project through its no-interest securitized forgivable loan program. The city of Portage approved additional incentives at the request of the Portage Economic Development Corporation.
“Portage cannot express its gratitude nor the honor of being chosen by MonoSol as its new growth location,” said Portage Mayor James E. Snyder. “We truly believe this company represents the very essence of what Portage strives to bring its residents in new job opportunities. Portage has a great economic development team that worked hard to earn this opportunity for the ever promising future of Portage.”