Specialty film manufacturer Transcendia Inc. will spend $17 million to expand in Indiana, a move that will add at least 30 jobs.
The Franklin Park, Ill.-based company is adding new equipment, including an additional production line, at its facility near Richmond.
"The new machinery will enhance technology as well as increase speed and efficiency allowing the manufacture of complex composite films required for health care and food and beverage packaging markets," the Economic Development Corp. of Wayne County, Ind., said in announcing the project.
The EDC is involved because the agency is providing a $95,000 Economic Development Income Tax Grant as part of the project. That money can be spent on building improvements, equipment and employee training.
"This investment will allow us to provide customers with even greater value by utilizing technologies we've never had before, while also expanding into high-margin markets. ... Our employees will be operating state-of-the-art equipment that is safer and easier to use. This investment will also help our legacy business with improved efficiencies," Plant Manager Cody Cohoon said in a statement.
The new equipment is expected to be installed by the end of the second quarter of 2025 at the site in east central Indiana near the Ohio border.
Transcendia plans to hire 10 people this year as part of the project and even more in 2025 as the EDC indicated company plans are to create "a minimum of 20 new full-time jobs."
The Indiana Economic Development Corp. also is offering Transcendia up to $300,000 in tax credits based on how the company performs.
Word of the expansion in Indiana comes just after the company revealed plans for a change in leadership at the beginning of 2025. John Bagnuolo will leave as CEO on Dec. 31 and current Chief Financial Officer Paul Collins will become CEO Jan. 1.
"I have every confidence Paul is the right person to lead Transcendia as it continues the transformative journey we started in 2019," Bagnuolo said.
Transcendia, which saw a new majority owner take over earlier this year, indicated Katie Townsend will become the new CFO, moving up from her current role as vice president of financial planning and analysis.
Townsend was "instrumental," the company said, in the investment from a new majority owner with private investment firm Industrial Opportunity Partners. Transcendia also has a new chief operating officer, Kevin Quinn.
Goldman Sachs, the previous owner, retained a minority stake in the film company through a deal that saw elimination of $200 million in debt and a cash infusion of $114 million, Transcendia said at the time.
Transcendia ranks No. 22 in the newest list of North America's largest film and sheet makers with estimated sales of $460 million in the region. The company was previously called Transilwrap until 2016.