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.
“The expansion of NewCold’s facility in Lebanon is a testament to our strong community and business environment,” said Lebanon Mayor Matt Gentry. “We are excited that NewCold continues to succeed and grow here.”
“We continue to focus our local economic development strategy on agbioscience companies, including food manufacturers and suppliers such as NewCold,” said Boone County Economic Development Corporation (Boone EDC) Executive Director Molly Whitehead. “Agbioscience companies naturally fit well with our heritage, and we look forward to welcoming more companies like NewCold to our local ecosystem.”
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.
“Indiana is the ideal global destination for logistics leaders like NewCold to grow and innovate,” said Ann Lathrop, Chief Strategy Officer at the IEDC. “We are thrilled that the company is significantly increasing its original investment just a few short months after launching operations in Indiana and are confident the state’s top-ranked business climate and skilled Hoosier workforce will continue to propel NewCold’s remarkable growth and success.”
The expansion is under construction and is expected to be operational in Summer 2024.