Consolidated Grain and Barge (CGB) is set to expand its soybean processing plant in southwest Indiana with an investment of more than $31m.
Through the expansion, the company plans to double the size of its plant located at the Port of Indiana-Mount Vernon.
CGB senior vice president Steve O’Nan said: “The soybean processing industry is very competitive, and this investment will allow us to remain competitive in the future.
“We are proud to be a part of Indiana agriculture and, with this expansion, will remain an important part of southwest Indiana’s agriculture community for many years to come.”
Constructed in 1997, the existing plant initially processed 65,000 bushels of soybeans a day, making them into soybean meal, soybean hull pellets and soybean oil for food and industrial uses.
CGB, which is jointly owned by two Japanese organizations Itochu and ZEN-NOH, said that the plant has continued to grow its production capacity since its commissioning.
The grain and oil seed company has been backed by conditional tax credits up to $45,000 from The Indiana Economic Development Corporation. To claim them, CGB has to keep up its commitment of creating five new jobs to the Indiana locals in return.
Indiana Governor Mike Pence said: “Indiana is a state known around the world for building things and growing things, and because CGB plays a key role in both, this soybean processor is helping advance our economy.
“After processing soybeans in southwest Indiana for nearly twenty years, CGB knows firsthand the benefits of operating in a state that works for business. This latest $31m expansion is a testament to CGB’s confidence in Indiana and the Hoosiers who keep this company growing.”
CGB will also get additional incentives from the Posey County following the request of the Posey County Indiana Economic Development Partnership.
Last year, CGB acquired 49% stake in Brooks Grain, a rye supplier to the US distillation industry.
