Pretzels, Inc. is the leading contract manufacturer of baked pretzel and extruded corn snacks for companies all around the United States.
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The economy across the US is experiencing dynamic growth. With business investment increasing, states are in hot pursuit of impactful businesses. Kentucky is surrounded by highly competitive states with attractive business environments. What is the Bluegrass State doing to tip the scales in its favor?
Client Profile
Pretzels, Inc. is the leading contract manufacturer of baked pretzel and extruded corn snacks for companies all around the United States. Pretzels, Inc. provides snack food manufacturing and white label packaging solutions for its clients. Pretzels, Inc. utilizes state of the art bakery technology ensuring consistent and high quality taste, texture, freshness, and timeliness. Finally, Pretzels, Inc. in Plymouth, Indiana is the largest producer of peanut butter filled pretzel products in the western United States.
The Challenge
Pretzels, Inc. is located in Plymouth and Bluffton, Indiana. Pretzels, Inc. had a facility previously located in Pennsylvania, however due to an industrial fire, lost the facility and required Pretzels to establish the brand new facility in Plymouth in 2017. Since then, Pretzels, Inc. has continued to increase demand for its products and services. Now, Pretzels, Inc. was faced with an option to continue to grow its facility in Indiana or locate a new facility within the western portion of the country to meet market demands. A new or expanded facility would require millions of dollars in new equipment and nearly 200 new employees.
Study Results
Pretzels, Inc. hired McGuire Sponsel to negotiate and procure economic incentives on their behalf in support of the company’s considered expansion/relocation. McGuire Sponsel assisted Pretzels, Inc. with a financial analysis for multiple sites including Indiana and Kansas. McGuire Sponsel negotiated and worked with the Indiana Economic Development Corporation (IEDC), Marshall County Economic Development, and the City of Plymouth, Indiana to procure tax credits and incentives to assist with the establishment of an expanded operation in Plymouth, Indiana. The company, with the guidance and collaboration of McGuire Sponsel’s Credits and Incentives team, requested and received EDGE tax credits from the State of Indiana as well as tax increment financing (TIF) bonds from the City of Plymouth. These incentives will assist with the expansion of the current Pretzels, Inc. facility, new industrial oven lines for production and projected job growth in excess of 150+ new employees.
State and Local Incentives
$1,300,000 Economic Development for a Growing Economy (EDGE) Tax Credit
$14,000,000+ Tax Increment Financing (TIF) bonds
$445,500 Economic Development Rider discounts from local utility
$15,745,500 Total Incentives