On October 25th, NewCold announced the expansion of its Lebanon facility, doubling its capital investment in the community, with more than $300 million now earmarked for the project. NewCold is a leader in advanced automated temperature-controlled warehouses and is one of the fastest-growing food logistics companies globally. The company announced initial plans to locate in Lebanon in 2020, with an initial $150 million investment, and became operational in the Fall of 2022. Watch the Video
“These projects aren’t easy,” said Lebanon Mayor Matt Gentry. “So whenever you get the chance to take a moment and celebrate, it’s exciting. It’s great to show the support that NewCold has had and the great welcoming spirit they have been. They have been great community partners. We are excited for them to have their moment in the sun so to speak, and recognize that they’re doing here.”
“We just really want to say ‘thank you,’” added Mayor Gentry. “The are going to be a huge tax payer, paying a lot of taxes to the City of Lebanon, which helps keep the taxes down for a lot of residents. It is important to have them here and we are excited for the big day for them.”
“In addition to the unique location in the center of the country, it is really the ideal location for distributing food, both in the Midwest and nationwide, I think it’s the entrepreneurial spirit that we find over here in the markets,” said Jonas Swarttouw NewCold Executive Vice President & Chairman of North America.”
“If you are thinking about investing $300-million on a place, and want to do business there for decades to come, you want to know that there are people that have a similar entrepreneurial spirit, and focus on people as you do as yourself and your company,” added Swarttouw.
“I don’t know if they had finished building Phase 1 when they said, ‘We’re ready to for round two,’” said Gentry. “Then we said, ‘Oh, okay.’ It is really exciting that they are already talking about expansion again potentially. I think they have found something that they like here, which is great for Lebanon, because they are such a great community partner. It’s great to have them and their continued success and we want to be partners with them.”
The expansion is under construction and is expected to be operational in Summer 2024.