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Beck's Hybrids planning to expand headquarters operation

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Beck’s Hybrids is planning to expand its Hamilton County headquarters operation to keep up with its booming seed business.

Lt. Gov. Sue Ellspermann will join executives for an “economic development announcement” Wednesday at the sprawling facility in Atlanta—usually an indication that state incentives are on the table—and the Hamilton County Council has three Beck’s-related items on its agenda this week, suggesting local aid for the project.

Council President Rick McKinney declined to discuss any specifics before the Wednesday morning news conference, but last month the elected panel authorized him to sign a letter to the state supporting a tax-abatement request from Beck's.

President Sonny Beck told the council then that the growing company was weighing options for expanding its processing and research-and-development operations, now based in Atlanta.

“As we look to the future … we’re looking at whether to continue to build a mega center here ” or expand other locations,” he said then.

The Atlanta operation already includes almost 1 million square feet under roof, Beck said, and the company is looking to add multiple buildings—possibly including greenhouses.

At last month’s meeting, council member Brad Beaver said the county’s redevelopment commission had discussed creating a tax-increment-financing district to help fund improvements near the Beck's headquarters. The council’s Wednesday agenda includes the possible designation of an economic redevelopment area there, the first step in the process.

“We’ve really been pleased with … you folks and how you work with us,” Beck said at the March council meeting. “We love being here.”

Company officials also declined to comment ahead of the official announcement.

Most of the firm's corn, soybeans and wheat is processed and bagged in Hamilton County, then shipped to distribution centers. Billed as the nation’s largest family-owned seed company, Beck’s does business in eight states.

Beck’s has more than 400 employees companywide, most in Indiana. It added 74 workers in 2012 and 85 last year, Sonny Beck told the council.

The company announced a $24.5 million expansion in 2010, promising to create 72 jobs within five years. Indiana Economic Development Corp. offered up to $650,000 in performance-based tax credits for that growth spurt, and the county provided a tax abatement.

Beck told the council the company’s market share increased steadily from 2006 to 2012, outpacing both of its main competitors: corporate giants Pioneer and DeKalb.

 

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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