Richmond businesses expanding

RICHMOND, Ind. (Inside INdiana Business) — The Economic Development Corp. of Wayne County has announced two businesses are looking to grow in Richmond this year. DAK Americas LLC and Holland Colours Americas Inc. have planned multi-million-dollar facility expansions.

DAK Americas plans to invest $32 million in its PET recycling company and hire 30 new full-time employees in Richmond. The EDC of Wayne County is providing a $140,000 grant to help with new equipment and machinery expenses, along with building construction, nearby land and new employee training. 

“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.,” said Antonio Garza, global vice president of PET Recycling. “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.”

The Indiana Economic Development Corp. has also offered the DAK Americas up to $270,000 in conditional tax credits based on job creation plans. The company will be able to claim the performance-based incentives once Hoosiers are hired.

Holland Colours Americas produces colorants for the plastics industry and plans to expand its Richmond operations with the addition of a new product line. Plans call for an investment of nearly $1.7 million in its Progress Drive facility and the creation of 30 new full-time jobs. 

“This investment will significantly increase our capacity and capability to produce existing and new technologies in the Richmond facility. This project is far more than a matter of production expansion, it provides state of the art equipment in order to deliver our customers and team members the technology and capacity they need to grow in a sustainable manner,” said Joe Bauer, president of Americas Division. 

The company will receive an EDIT grant from the EDC of Wayne County for $23,700 to be used to offset the cost of new equipment and employee training. The IEDC also has offered the company up to $120,000 in conditional tax credits based upon job creation plans.