IN: MonoSol Selects Porter County for New $95M, 150-Job Facility
30 Jun, 2014
MonoSol, LLC, a manufacturer of water soluble polymer films, compounds and solutions, announced plans to locate a new facility in Portage, Indiana, creating up to 150 new jobs by 2020.
“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.”
The Merrillville-headquartered company, which is a subsidiary of Japan-based Kuraray Co., Ltd., 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, chief executive officer of MonoSol. “Portage, Ind. 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.”
Founded in 1953, MonoSol is a provider of specialty water-soluble delivery systems around the world. Along with its Merrillville headquarters and existing facility in Portage, the company also operates production facilities in La Porte, Indiana and Hartlebury, England. In 2013, MonoSol was one of only 15 companies worldwide recognized by Proctor & Gamble as an External Business Partner of the Year.
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.”
According to the 2014 Manufacturing and Logistics Report Card issued by Conexus Indiana and Ball State University's Center for Business and Economic Research, Indiana’s manufacturing industry health continues to be strong, with an A in the category for six consecutive years. Indiana leads the nation with the highest share of manufacturing employment per capita.
Since 1953, MonoSol LLC has been a leader in specialty water-soluble polymer-based films. MonoSol offers a wide range of water-soluble delivery systems for unit-dose applications for consumer, agricultural chemicals and industrial products, as well as additional films, solutions and compounds. MonoSol joined Kuraray Co., Ltd, a global specialty chemical company, in mid-2012 and now is the cornerstone of the WS Film Division. Kuraray was established in 1926 and in 1950 became the first in the world to bring polyvinyl alcohol synthetic fiber to market. Since that milestone, Kuraray has used its proprietary technology in the area of polymer chemistry and synthetic chemistry to develop resins, chemicals, fibers, textiles and others. Together, MonoSol and Kuraray provide innovative solutions for its customers. A global network of dedicated partners is maintained to offer sales, service and technical support to its worldwide customer base.
For more information, visit www.MonoSol.com and www.kuraray.co.jp/en.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.