Updated: June 29, 2014 2:07AM
PORTAGE — MonoSol LLC, a manufacturer of water soluble polymer films, compounds and solutions, has announced plans to locate a new facility here, creating up to 150 new jobs by 2020.
The Merrillville-headquartered company, which is a subsidiary of Japan-based Kuraray Co., Ltd., will invest $65 million to build and equip the first two phases of a 300,000-square-foot manufacturing facility at Ameriplex at the Port in Portage, with an additional $30 million investment planned for the third phase, according to a news release.
Phase one, which is expected to be operational by late 2016, initially will cover 90,000 square feet and will increase the company’s capacity by approximately 15 percent. Phases two and three are slated for 2017 and 2020. MonoSol, which has more than 445 employees, including 300 full-time in Indiana, plans to begin hiring next year.
Founded in 1953, MonoSol is a provider of specialty water-soluble delivery systems around the world. Along with its Merrillville headquarters and existing facility in Portage, the company also operates production facilities in LaPorte and Hartlebury, England. In 2013, MonoSol was one of only 15 companies worldwide recognized by Proctor & Gamble as an External Business Partner of the Year.
The Indiana Economic Development Corp. offered MonoSol up to $1,575,000 in conditional tax credits. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The Northwest Indiana Regional Development Authority supports the project through its no-interest securitized forgivable loan program. The city of Portage approved additional incentives at the request of the Portage Economic Development Corp.
“Portage cannot express its gratitude nor the honor of being chosen by MonoSol as its new growth location,” Portage Mayor James E. Snyder said. “We truly believe this company represents the very essence of what Portage strives to bring its residents in new job opportunities. Portage has a great economic development team that worked hard to earn this opportunity for the ever-promising future of Portage.”