NewCold Advanced Cold Storage Logistics in Lebanon Business Park began operations in fall and is already poised to expand and add 100 jobs. Submitted photo
Lebanon will soon be home to the nation’s largest automated cold storage facility, as NewCold Advanced Cold Storage Logistics expands.
NewCold announced in 2020 that it would invest an initial $150 million to build a plant in Lebanon Business Park. That 480,000-square foot plant became operational in fall.
Now NewCold will add 300,000 square feet onto the west side of the current plant, Lebanon Director of Planning Ben Bontrager told the city council in March. It should be operational by summer of 2024, Boone County Economic Development Corp. Director Molly Whitehead, said Monday.
NewCold is a leader in advanced automated temperature-controlled warehouses and is one of the fastest-growing food logistics companies globally, the Boone IEDC said in a statement.
“This additional investment of more than $150 million in Lebanon creates the largest automated cold storage facility in the United States,” NewCold Executive Vice President Jonas Swarttouw said in a news statement. “Aside from the positive economic impact and high-quality employment opportunities, this strengthens resilience in the food supply chain.”
Agricultural bioscience businesses are a good fit for Boone County, where 12 already operate.
“We continue to focus our local economic development strategy on agbioscience companies, including food manufacturers and suppliers such as NewCold,” Whitehead said. “Agbioscience companies naturally fit well with our heritage, and we look forward to welcoming more companies like NewCold to our local ecosystem.”
“The expansion of NewCold’s facility in Lebanon is a testament to our strong community and business environment,” Lebanon Mayor Matthew Gentry said. “We are excited that NewCold continues to succeed and grow here.”
NewCold has donated and is delivering about $2 million worth of dirt from its site to the future home of Stone Eater Bike Park on the city’s north side.
The City of Lebanon offered NewCold about $8 million in tax increment financing for the first phase and plans to allow up to $12 million for the second. The city will not pay out of pocket but will issue bonds backed by a portion of the anticipated future tax income to be generated by NewCold.
The Indiana Economic Development Corp. has offered NewCold up to $1.65 million in tax incentives based on the company’s intent to create another 100 jobs by 2028. The offer is incentive based, meaning NewCold gets the perk only when it hires Hoosiers.
Those employees are expected to earn an average of $36 per hour, Bontrager said previously.
“Indiana is the ideal global destination for logistics leaders like NewCold to grow and innovate,” Ann Lathrop, chief strategy officer at the IEDC, said. “We are thrilled that the company is significantly increasing its original investment just 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.
NewCold’s Lebanon building is 150 feet tall, making it taller than any other building in the business park.
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