HDi Plastics, Inc. Signs Agreement with Eastland Economic Development, Inc.
By: Press Release
Updated: December 11, 2012
On Monday, December 10, HDi Plastics, Inc., headquartered in Minneapolis, Minnesota, signed a "development agreement" with Eastland Economic Development, Inc. (EEDI) for the construction of a plastics recycling facility (phase 1) and potential manufacturing operation (phase 2) in the Eastland Industrial Park located on Interstate-20.
HDI Plastics, Inc., collects plastic waste products and reprocesses plastics into pellets for sale to manufacturers. The firm expects to construct a 50,000 square foot facility expandable to 150,000. An estimated $4 million will initially be invested, including an estimated $2.9 million in machinery and equipment.
In addition, the facility will have estimated taxable inventories of $300,000 in the first year and increasing to $1.1 million in ten years. Further, the firm expects to initially hire 75 workers at the facility and 235 workers within ten years. Average annual salaries are expected to be in excess of $24,000.
Kenneth Brimmer, Chief Executive Officer for HDi Plastics, Inc., stated: "We have been working on this project for over a year and I believe we are now on the fast track. Developing and locating a project such as this is a costly and highly complicated process. We are progressing well, however, all of the details have not been finalized. We will continue to work with the Jerry Conner, the EEDI Executive Director, and various State of Texas development agencies to acquire other sources of funding that will be required to make the project viable. However, we thought this would be a good time in the process to memorialize Eastland's and HDi's intent through a development agreement. We look forward to the construction process and start-up hiring. We estimate first-phase construction could start as early as mid-2013."
Dana Olson, Site Location Consultant for HDI stated: "We have met with several cities in several states searching for the right location. We found Eastland's offer competitive and the manufacturing site and geographic location attractive. The State of Texas offers excellent development incentives that will serve to enhance our location to Texas. The leaders in Eastland and EEDI have been great to work with and we look forward to a long and profitable relationship."
Terry Jones, President of Eastland Economic Development, Inc., stated: "Although EEDI has recently met with several industrial prospects searching for a location, it became obvious during our first meeting that HDi Plastics was the one we wanted in Eastland. HDi will be a wonderful anchor facility in our newly developed 92 acre industrial park."
HDI Plastics, Inc., collects plastic waste products and reprocesses plastics into pellets for sale to manufacturers. The firm expects to construct a 50,000 square foot facility expandable to 150,000. An estimated $4 million will initially be invested, including an estimated $2.9 million in machinery and equipment.
In addition, the facility will have estimated taxable inventories of $300,000 in the first year and increasing to $1.1 million in ten years. Further, the firm expects to initially hire 75 workers at the facility and 235 workers within ten years. Average annual salaries are expected to be in excess of $24,000.
Kenneth Brimmer, Chief Executive Officer for HDi Plastics, Inc., stated: "We have been working on this project for over a year and I believe we are now on the fast track. Developing and locating a project such as this is a costly and highly complicated process. We are progressing well, however, all of the details have not been finalized. We will continue to work with the Jerry Conner, the EEDI Executive Director, and various State of Texas development agencies to acquire other sources of funding that will be required to make the project viable. However, we thought this would be a good time in the process to memorialize Eastland's and HDi's intent through a development agreement. We look forward to the construction process and start-up hiring. We estimate first-phase construction could start as early as mid-2013."
Dana Olson, Site Location Consultant for HDI stated: "We have met with several cities in several states searching for the right location. We found Eastland's offer competitive and the manufacturing site and geographic location attractive. The State of Texas offers excellent development incentives that will serve to enhance our location to Texas. The leaders in Eastland and EEDI have been great to work with and we look forward to a long and profitable relationship."
Terry Jones, President of Eastland Economic Development, Inc., stated: "Although EEDI has recently met with several industrial prospects searching for a location, it became obvious during our first meeting that HDi Plastics was the one we wanted in Eastland. HDi will be a wonderful anchor facility in our newly developed 92 acre industrial park."
