Netherlands-based NewCold, an advanced cold storage logistics company, on Friday confirmed plans to spend about $150 million to build and equip a 380,000-square-foot facility at the Lebanon Business Park that will employ up to 202 people by the end of 2023.
IBJ first reported on NewCold’s pending deal on Nov. 10.
The building will be one of the largest cold storage facilities in the United States and will be equipped with state-of-the-art automated storage and retrieval systems to handle products in sub-zero temperature conditions. Conagra Brands, one of the world’s largest food processors, will be one of NewCold’s long-term clients at the Lebanon facility.
NewCold expects to break ground this year and have the facility be fully operational in 2022. It plans to begin hiring immediately for project developers and will fill positions in warehouse management and operations, business development and administration starting in in the third quarter of 2021.
The Indiana Economic Development Corp. offered NewCold more than $2.8 million in conditional tax credits based on the company’s job-creation plans.
As IBJ previously reported, the city of Lebanon is considering a $9.8 million bond issuance at the request of the Boone County Economic Development Corp.