A $31 million expansion of a soybean facility in southwest Indiana will shortly get underway.
Consolidated Grain and Barge Company plans to expand a facility it operates at the Port of Indiana-Mount Vernon.
The facility was built in 1997 and is CG&B’s only soybean processing operation.
DC&B said in a news release that the facility’s strategic location offers multiple logistic options, including inbound and outbound barge, rail and truck transportation and outbound container shipping.
The Evansville Western Railway provides rail service to the facility and interchanges with four Class 1 railroads.
After the plant’s initial construction, it began processing 65,000 bushels of soybeans each day into soybean meal, soybean oil and soy hull pellets for food and industrial uses. Since then, the company said it has continued to increase the plant’s capacity.
The planned expansion will more than double the original size of the Mount Vernon facility.
“The soybean processing industry is very competitive, and this investment will allow us to remain competitive in the future,” said Steve O’Nan, senior vice president of CGB in a statement.
The Indiana Economic Development Corporation has offered CGB up to $45,000 in conditional tax credits while Posey County has approved additional incentives.