Dak Americas LLC, an integrated producer and recycler of polyethylene terephthalate (PET) resins that is based in Charlotte, North Carolina, has announced plans to expand its facility in Richmond, Indiana. According to a news release from DAK Americas LLC, the PET recycling company plans to invest $32 million and to hire 30 full-time employees at the facility by the end of 2021.
The Economic Development Corp. (EDC) of Wayne County, Indiana, reports that it plans to provide a $140,000 Economic Development Income Tax (EDIT) grant to help Dak Americas with costs associated with the purchase of new equipment and machinery, building construction, adjacent land and training of new and incumbent employees.
“The EDIT Grant from the EDC of Wayne County will help us modernize our newly acquired PET recycling facility in Richmond, Indiana, and establish a true circular economy for the region,” says Antonio Garza, global vice president of PET recycling at Dak Americas LLC. “Waste PET bottles will be converted into recycled PET (rPET) for direct use back into new bottles for consumer products produced and distributed in the region.”
Richmond Mayor Dave Snow says, “This tremendous investment from Dak Americas not only furthers their mission of high-tech sustainability but adds 30 new jobs to our economic landscape. I want to thank Dak Americas for their commitment and their dedication to the hardworking people of our city. With this meaningful investment, Richmond saw nearly $60 million in expansion projects in 2019. These dollars have a positive effect on our entire community.”
The facility (formerly known as Perpetual Recycling Solutions) began operations in Richmond in 2010 and expanded in 2015 before being acquired by Dak Americas in February of 2019. The request for EDIT funds will go before the Wayne County Commissioners for their consideration.
The Indiana Economic Development Corp. also offered Dak Americas up to $270,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning the company is eligible to claim incentives once Indiana residents are hired. “Indiana’s skilled workforce and progrowth business climate, paired with our thriving manufacturing industry, create the perfect place for companies like Dak Americas to invest and expand,” says Indiana Secretary of Commerce Jim Schellinger. “The company’s commitment to Indiana and Wayne County will help grow the state’s reputation as a leader in manufacturing while supporting even more great career opportunities for Hoosiers.”