NewCold announced the expansion of its Lebanon (IN) facility, doubling its capital investment in the community, with more than $300 million now earmarked for the project.
NewCold is a leader in advanced automated temperature-controlled warehouses and is one of the fastest-growing food logistics companies globally. The company announced initial plans to locate in Lebanon in 2020, with an initial $150 million investment, and became operational in the Fall of 2022.
“This additional investment of more than $150 million in Lebanon creates the largest automated cold storage facility in the United States. Aside from the positive economic impact, and high-quality employment opportunities, this strengthens resilience in the food supply chain,” said Jonas Swarttouw, NewCold’s Executive Vice President, and Chairman, of North America.
Based on the company’s plans to create up to 100 jobs by the end of 2028, the Indiana Economic Development Corporation (IEDC) committed an investment in NewCold of up to $1.65 million in the form of incentive-based tax credits. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
The expansion is under construction and is expected to be operational in Summer 2024.
