A new plant to be located in the industrial park south of New Castle will bring several new jobs to Henry County.
Micronutrients, an agribusiness that produces animal feed additives, has announced plans to build a new facility on County Road 400 South in Henry County. The move is expected to create up to 50 new jobs by 2020.
Local officials were obviously pleased to learn Henry County was selected from among the 94 sites in five states the company originally considered.
“We’re certainly happy to get to this point in the project,” New Castle-Henry County Economic Development Corporation President and CEO Corey Murphy said. “We want to thank the company for their investment and we want to thank the leadership of Henry County for working with us to make this happen.”
“Henry County is pleased to welcome Micronutrients USA to our community and we look forward to growing together,” said Butch Baker, president of the Henry County Board of Commissioners. “This project shows agribusiness and food processing is thriving here.”
The move represents an investment of approximately $30 million to construct a new 164,000-square-foot manufacturing plant and warehouse at 385 E. County Road 400 S., New Castle, according to information Murphy previously shared about the project.
The new facility, which will house mixing tanks, spray dryers and packaging equipment, will allow Micronutrients to increase its production of hydroxy trace minerals. These minerals improve the stability of premix and feed, as well as bioavailability in animals to better facilitate digestion and increased animal performance. Sold under the IntelliBond® brand, the company’s minerals are used in every U.S. state and around the world, according to a news release from the Indiana Economic Development Corporation.
The IEDC release states Micronutrients, which was established in Indianapolis in 1994, plans to break ground in Henry County later this year, allowing the company to continue its current growth and increase its market share globally. The company plans to begin hiring in late 2018 prior to launching operations in New Castle by early-to-mid 2019.
“Indiana was originally chosen in 1994 as it was the home base for the overall corporation,” said Ted Moore, vice president of operations at Micronutrients, is quoted as saying in the IEDC release. “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.”
Micronutrients was acquired in 2016 by Netherlands-based Nutreco. Founded in 1994, Nutreco bills itself as a global leader in animal nutrition and fish feed. Nutreco employs approximately 11,000 people in 35 countries. Its two global company brands, Skretting (aquafeed) and Trouw Nutrition (animal nutrition), have sales in over 90 countries.
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.
– Story by Kevin Green of The Courier-Times. Read more local stories at www.thecouriertimes.com