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Berry Plastics Corporation
Berry Plastics Corporation
Project Overview
Berry Plastics Corporation, headquartered in Evansville, Ind., announced plans in January 2009 to invest $150 million to expand the company’s thermoforming operations in a move expected to create 360 jobs throughout the next seven years. Berry Plastics indicated it was evaluating multiple sites for the expansion project, including its current Evansville location.
How Vectren Helped
Vectren Economic Development worked swiftly with state and local officials to help craft a competitive incentives package that would accommodate Berry Plastics’ aggressive project timeframe. This package included a rate proposal based on Vectren’s Area Development Rider from its electric tariff (pg. 63 of 110).
Vectren’s Area Development Rider offers special electric rates to new or expanding companies that meet specific criteria. Chief among these is that a company must locate within a special development zone, thereby helping spur development in areas that need it the most, including
- Urban Redevelopment Areas,
- Brownfield Redevelopment Areas, and
- Economic Development Zones (Urban Enterprise Zone, Airport Development Zone, Certified Technology Park or other similarly designated zones)
The Results
In March 2009, Berry Plastics announced it had selected Evansville as the site of its thermoforming expansion project, which represented the single largest capital investment in the company’s history.
The expansion will result in the creation of hundreds of high-quality jobs in one of Evansville’s downtown neighborhoods.
Berry Plastics officials credit Vectren’s role in putting together an incentives package as a key factor in selecting Evansville as the site of its thermoforming expansion project. “We appreciate Vectren’s willingness to work with the community and Berry to help make our decision to expand in Evansville the optimal choice,” said Brent Beeler, chief operating officer for Berry Plastics.
