Chicago-based Perpetual Recycling Solutions announced on Monday that it will establish a production facility in Richmond, with plans to create up to 55 jobs by 2012.
The company said it will invest $25 million to purchase and renovate an existing, 100,000-square-foot facility in the city in eastern Indiana.
Perpetual Recycling uses technology to convert plastic soda, juice and water bottles into flake and resin pellets that are reconstituted for use in food and beverage packaging.
The Indiana Economic Development Corp. offered the company up to $550,000 in performance-based tax credits and up to $50,000 in training grants based on the company’s job-creation plans.
The Economic Development Corp. of Wayne County also has approved a $475,000 grant for equipment, training and real estate improvements. The Richmond Common Council will consider additional property tax abatement.
Founded in 1989, Perpetual Recycling is a subsidiary of ReThink Recycling Group, which has another recycling facility in East Farmingdale, N.Y.