NEW ALBANY, Ind. — Representatives of MP Global Products, a manufacturer of recycled cardboard insulation packaging products used under flooring, is seeking local incentives from the City of New Albany to locate its third manufacturing facility there – the first outside its home state of Nebraska. One Southern Indiana (1si), the chamber of commerce and economic development organization for Clark and Floyd counties (considered part of the Greater Louisville region), announced the project.
The facility under consideration for the project is located at 890 Central Court in the New Albany North Industrial Park off Hausfeldt Lane. If the company decides to move forward, the project plans to open by the fourth quarter of 2021, bringing an estimated 53 new jobs to the region with wages above the Floyd County average.
“For 20 years, MP Global has been on an eco-friendly mission to take what no one wants anymore and recycle it into something that provides high performance and value,” said Reid Borgman, COO of MP Global. “… we look forward to continuing our good work in New Albany.”
The Indiana Economic Development Corp. (IEDC) offered MP Global Products up to $500,000 in conditional tax credits based on the company’s job-creation plans. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
The company will seek a property tax abatement, which allows the company to phase in its increased property taxes over time. The tax abatement offers the company an estimated savings of more than $113,000 over the next five years. The New Albany City Council is scheduled to vote on approval of the company’s local incentives next week, with the project contingent upon the council’s approval.
“MP Global Products would be a great addition to the regional business community, bringing more than 50 new jobs to the region,” said 1si President and CEO Wendy Dant Chesser. “This would result not only in increased commerce in our business community, but it also has a direct effect on the lives of the individuals who choose to work there. One Southern Indiana is looking forward to the possibility of a new location for MP Global Products and continues to be happy to assist company leaders in achieving their immediate and future goals.”