Canadian-based Protenergy Natural Foods Invests $20.3 Million To Expand Cambridge, Maryland Production Facility
The food processing company plans to more than triple its current workforce of 53 by creating up to 100 new full-time jobs by April 2013. Protenergy also plans to hire another 27 employees over the next five years, as it increases production capacity to meet the growing demand for its soups, broths and sauces.
“We are extremely pleased to be acquiring the facility in Cambridge,” said John Black, Chief Financial Officer at Protenergy. “During the past year, we have invested significantly in the plant and recently completed the commissioning of two additional production lines. These new lines significantly increase our capabilities and capacity to meet growing customer demand for our products. We are pleased with the financing arrangement we now have in place with the State of Maryland, as the MIDFA insurance and conditional loan are key components of our U.S. financing.”
As an incentive, The Maryland Department of Business and Economic Development is assisting the purchase with a State-backed loan guarantee on a $3.6 million bank loan and has approved a $250,000 conditional loan though its Maryland Economic Development Assistance Fund program. The company expects to invest approximately $20.3 million in the project.
“It is exciting to see a forward-thinking company like Protenergy creating high-quality jobs on the Eastern Shore,” said Governor Martin O’Malley. “Protenergy’s decision to further invest in our State reflects our strong support for growing our manufacturing industry and our commitment to working with our county partners to grow and retain jobs.”
“Manufacturing has been the very fabric of Dorchester County’s history and heritage, we are pleased to have innovative manufacturers like Protenergy as we strive to diversify industry sectors in the County,” said Keasha Haythe, Dorchester County Economic Development Director. “The County looks forward to a long and productive relationship with Protenergy. We are truly thankful for the seamless state, County, and local partnership which served to help facilitate this expansion.”
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