RUSHVILLE, Ind. (May 6, 2019) – Cormo USA Inc., which utilizes
technology to turn corn field waste into sustainable products, announced plans
today to establish operations in Rushville, creating up to 250 new, high-wage
jobs by the end of 2023.
“Indiana’s economy is increasingly global, and we are excited to welcome yet
another international company to the Hoosier state,” Governor Eric J. Holcomb
said. “With strong roots in agriculture and a flourishing tech sector, Indiana
is the perfect destination for innovative companies like Cormo USA to locate as
they work to develop and refine critical solutions.”
The company, which was incorporated as a joint venture between Switzerland-based
Cormo AG and Florida-based Sustainable Projects Group Inc. in 2018, will invest
approximately $29.5 million to establish its first U.S. production plant in
Indiana, constructing and equipping a state-of-the-art facility on 10 acres in
the Commerce Park at Rushville. The new facility, which the company plans to
break ground on this summer, will process maize straw from up to 150,000 acres
of corn fields each year into a 100 percent sustainable peat moss substitute
(TEFA) for agricultural uses and into foam products (BABS) for material science
uses. This patented process has been utilized at the company’s pilot plant in
France since 2016.
“Indiana, and particularly Rush County, offers the perfect combination of
entrepreneurial spirit, hardworking talent and agriculture which is mission
critical for our company,” stated Stefan Muehlbauer, president of the Board at
Cormo USA. “After an extensive site search across corn-producing states, Cormo
USA is looking forward to the next phase of the company’s evolution. We are
especially grateful for the knowledgeable team at the IEDC and the support of
Mayor Mike Pavey in Rushville as well as his team. They have shown exceptional
professionalism and shared our commitment to not just an environmentally- but
also an economically-sustainable future. “
To support its growth, Cormo USA plans to begin hiring for plant operations and
management positions in the next three to four months, with additional
positions added in logistics, scientific testing and marketing in 2020. New
positions are expected to offer average salaries 50 percent above the state’s
average wage.
“This is an extraordinary addition to the Rush County community,” said
Rushville Mayor Mike Pavey. “We have world-class manufacturing in
Rushville, yet Rush County is an agricultural county. Cormo USA will add an
agricultural piece to those world-class operations. They not only benefit the
employment base of the county, but will also offer income opportunities to Rush
County farmers as well as farmers in surrounding counties.”
A pilot production plant based in Alsace, France, has successfully, and on an
industrial scale, been able to turn corn field waste into sustainable products.
Cormo is expanding into the United States in order to expand its high-technology
business, leveraging the country’s significantly larger corn production volume
and contributing to positive economic and sustainable developments.
Subject to approval of the Indiana Economic Development Corporation (IEDC)
Board of Directors, the IEDC will offer Cormo USA up to $3.5 million in
conditional tax credits based on the company’s job creation plans. These
incentives are performance-based, meaning the company is not eligible to
receive incentives until jobs are created. The city of Rushville is considering
additional incentives.
Cormo USA joins a network of more than 950
international business establishments operating in Indiana, including 38 Swiss
businesses, including Autoneum, Nestlé, Kuehne + Nagel, Roche and UGN. Gov.
Holcomb has led four economic development trips to Europe, which accounts for
nearly 60 percent of Indiana’s more than 190,900 jobs supported by foreign
direct investment, during his tenure as governor, visiting Switzerland in
2018.
About Cormo USA
Cormo USA Inc is a joint
venture partnership between Switzerland based Cormo AG and Florida based
Sustainable Projects Group Inc. The company specializes in the sustainable
recycling of corn harvest field waste into sustainable, value added products
such as peat moss substitutes and filter materials. For more information about
Cormo USA, visit www.cormousa.com.
About IEDC
The Indiana Economic
Development Corporation (IEDC) leads the state of Indiana’s economic
development efforts, helping businesses launch, grow and locate in the state.
Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC
manages many initiatives, including performance-based tax credits, workforce
training grants, innovation and entrepreneurship resources, public
infrastructure assistance, and talent attraction and retention efforts. For
more information about the IEDC, visit www.iedc.in.gov.
