Petoskey Plastics, an environmentally-focused film, bag and resin manufacturer, said that it will invest $29.6m to expand its manufacturing facility located in Morristown, Tennessee, US.
Image: Petoskey Plastics’ manufacturing facility in Tennessee, US. Photo: courtesy of Petoskey Plastics.
The company provides prodcuts and solutions to the automotive, medical, grocery, retail, packaging and construction industries.
The investment is expected to create approximately 70 jobs in Morristown over the next five years.
As part of the expansion plan, Petoskey Plastics plans to add 30,000ft² to its existing Morristown manufacturing facility, which is equipped to produce polyethylene film.
The investment is expected to to increase the facility’s capacity. The plant is currently equipped with multiple extrusion lines utilizing recycled materials, converting lines and a four color offset paper printing press.
Tennessee Department of Economic and Community Development commissioner Bob Rolfe said: “When an existing business invests $29.6m and commits to create 70 jobs, it sends a strong signal to the quality of the community’s workforce and overall business climate.
“Petoskey Plastics is a vital part of Hamblen County’s economy and I look forward to the impact these additional jobs will have for the residents of this community.”
Petoskey Plastics executive vice-president Jason Keiswetter said: “Our growth has required us to invest in more capital.
“The local Morristown government and State of Tennessee have been very easy to work with and helped make our decision to proceed with the expansion in Tennessee.
“We look forward to completing the building addition in 2018 and continue to add capacity and jobs within the structure for several years to come.”
Petoskey plans to commence work on the expansion project in the second quarter of 2018 with the first phase of the new expansion planned to be operational in the fourth quarter of the year.
Employing more than 400 people, the firm operates three manufacturing plants in the US.