Resinall Mississippi, Inc. Announces $18M plant expansion in Hattiesburg
Hattiesburg, MS – December 9, 2011— Given the struggle in recent years to preserve American jobs and restore the nation’s economy, Resinall Mississippi (Resinall) is pleased to announce the completion of a New Market Tax Credit (NMTC) based investment within Mississippi’s Fourth Congressional District. This investment will help local residents creating and maintaining critical manufacturing jobs in the Hattiesburg area.
The New Markets Tax Credit program is run by the CDFI Fund under the Department of Treasury. MuniStrategies and SECDE Ventures were the two Mississippi-based New Markets allocatees that provided federal and state tax credit incentives to help finance this project. New Markets enabled an $18 million investment for the construction of Resinall Mississippi’s new Hydrogenated Hydrocarbon Resin Unit at its manufacturing facility in Hattiesburg, MS. This expanded facility will produce hydrogenated tackifier resins (HTRs), which are clear adhesives used in a variety of industrial applications worldwide.
“With our proven strengths in hydrocarbon resin synthesis and manufacturing along with the projected market growth for pressure sensitive adhesives, the decision was obvious. However, the New Markets tax credit incentives made it happen in this tough economic environment.” says Lee Godina, Executive Vice President.
Fourth District Congressman Steven Palazzo stated, “This project in Hattiesburg encompasses the efforts of numerous organizations to provide affordable financing to high-impact private sector projects. This is the sort of investment that will restore our economy and the communities that have been so affected by the economic downturn of the last 3 years.”
By shifting into this new product line, Resinall will preserve 125 manufacturing jobs and create 10-20 new positions. The project will also create/maintain hundreds of temporary and supplemental jobs pertaining to the construction and continuing maintenance of the facility, transportation of supplies and finished goods, and the residual impact of the expenditures by these employees in the local economy. This expansion is targeted for completion and startup in 2012 and will be capable of producing multiple resin grades.
For more than 25 years, Resinall Corp has provided resins to a broad range of industries including printing ink, coating, adhesive, rubber, and specialty markets. Through steady growth, annual capacity now stands at almost 200 million pounds of resins and varnishes. Resinall has manufacturing sites in Hattiesburg, Mississippi and Severn, North Carolina, as well as a long term tolling agreement with Umicore Specialty Materials located near Brugge, Belgium. Resinall Corp and RÜTGERS of Duisburg, Germany recently formed Resinall Rütgers Resins GmbH as a joint venture company. For further information, visit www.resinall.com.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded almost $1.3 billion to CDFIs, community development organizations and financial institutions through the CDFI Program, the Bank Enterprise Award Program, Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $29.5 billion in tax credit authority to CDEs through the NMTC Program.
For more information about the CDFI Fund or the NMTC Program, please visit: www.cdfifund.gov.