Governor Mike Pence joined executives from Tate & Lyle (LSE: TATE), a global supplier of ingredients and solutions to the food and beverage industry, in London today to announce the company’s plans to invest more than $90 million in its Lafayette, Indiana operations over the next three years.
“All over the world, business leaders are recognizing that Indiana has all the ingredients they need to take their businesses to the next level,” said Pence. “From a central location in the heartland of America to tax policies that encourage growth, Indiana is affordable, innovative and productive. I was privileged to personally thank leaders at Tate & Lyle in London today for recognizing that Indiana offers global companies the perfect recipe for success.”
The substantial investment includes plans for a three-phased expansion of Tate & Lyle’s Lafayette Sagamore facility to increase its modified food starch production capacity, as well as a number of improvements to increase efficiencies at its Lafayette South facility. The planned expansion and upgrades are expected to be complete in 2017. In addition to the substantial investment in infrastructure, Tate & Lyle, which currently employs more than 500 Indiana associates, plans to add around 10 positions to the local workforce.
“Our investments in Lafayette position us for future flexibility and growth within our markets and allow us to provide the solutions our customers need to meet consumer demands while making continued improvements in our environmental performance,” said Olivier Rigaud, president of specialty food ingredients at Tate & Lyle. “We’d like to thank the state of Indiana and the city of Lafayette for their ongoing support of these projects and look forward to our continued relationship with them.”
Founded in the United Kingdom in the mid-19th century and headquartered in London, Tate & Lyle produces a wide range of sweeteners, starches, stabilizer systems and industrial ingredients, many of which are made from corn, for customers around the world. The company’s global network of more than 30 production and research facilities includes two manufacturing facilities in Lafayette, along with grain elevators in Francesville and Fowler, Indiana. For its fiscal year ending in March 2014, Tate & Lyle’s sales totaled $5.32 billion.
“Tate & Lyle continues to be one of Lafayette’s leading industries,” said Lafayette Mayor Tony Roskwarski. “This latest investment and pledged job creation is one of many investments that the company has made here in their local plants. It is a testament that Lafayette is good place to do business. We appreciate their confidence and support of the Lafayette plant and our community.”
The Indiana Economic Development Corporation offered TL HUS, Inc. up to $375,000 in conditional tax credits based on the company’s investment plans. The city of Lafayette approved additional tax abatement at the request of the Greater Lafayette Commerce.
This week, Pence is leading an economic development and jobs mission to the United Kingdom, sharing why Indiana is a state that works for companies to grow and thrive. More information about the governor’s job-hunting trip can be found at https://www.in.gov/gov/UK2014.htm.
Source: IEDC