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Local Companies Invested $500 Million in Madison County in 2022

Ken De La Bastide, The Herald Bulletin

March 27, 2023

ANDERSON — Three companies located in Madison County are investing more than $500 million in expansion of their businesses.

The expansions will create 88 new jobs in Anderson and retain 510 jobs in Elwood.

The city of Anderson is hoping to finalize deals with the companies that could bring investments of more than $250 million and the creation of more than 200 jobs.

“Activity stayed strong during the pandemic,” Greg Winkler, executive director of the Anderson Economic Development Department, said. “They were looking, and now we’re seeing prospects that want to start manufacturing product.”

Winkler said one project has been on hold for four years as a result of the pandemic.

“Right now we’re getting a lot of activity in the food and beverage sector,” he said. “That’s good because they tend to pay more.”

One company is planning on starting construction in July and begin manufacturing by the end of 2024, Winkler said. It is a $20 million investment that will create 100 jobs.

Winkler said Anderson and one other location is vying for another foreign company that will invest more than $200 million.

He said a third company from Europe is looking to invest up to $110 million create 100 jobs.

Winkler said the pay scale is ranging from $25 to $50 per hour.

The Anderson City Council approved a seven-year 70% tax abatement for Nestle’s planned $460 million expansion of the local facility.

Nestle is planning a $400 million equipment expansion and a $60 million plant expansion.

The expansion is expected to create 68 jobs with annual salaries totaling $6 million.

The additional payroll would generate $193,800 in state income taxes and $135,000 in Madison County Local Option Income tax revenues.

Broderick said it was the biggest investment in the city in at least 15 years.

Winker said a portion of the planned expansion is to upgrade the facility’s wastewater treatment procedures.

Rob Sparks, executive director of the Corporation for Economic Development, said since locating in Anderson, Nestle has invested $1.4 billion.

Nestle first announced it was locating in Anderson in 2006 with an initial investment of $359 million and the creation of 300 jobs. This is the seventh expansion of the company’s Anderson facilities.

The plant currently employs more than 800 workers with the majority of the employees residing in Anderson and Madison County.

The Anderson City Council approved a six-year, 60% tax abatement for the Tippman Group for a planned $31.5 million expansion.

The Tippman Group opened Interstate Cold Storage in 2019 and has invested $80 million in Anderson.

Winkler said the expansion will create 20 additional jobs. The company’s initial investment in Anderson was $25.7 million; the first expansion in 2021 was an investment of $21.5 million.

Currently Interstate Cold Storage employs 70 people and intends to hire an additional 33. The starting wage is $26.44 per hour with benefits.

The Elwood City Council approved a 10-year tax abatement requested by Red Gold. Matthew Tebbe with Red Gold said the company packages all its ketchup products in Elwood.

“The whole ketchup market is changing when it comes to packaging because of COVID,” he said. “We’re trying to keep up with the market and our competitors.”

Tebbe said that many restaurants now want individual packages of ketchup instead of bottles.

“This will maintain the jobs we have in Elwood,” he said. “We’re not adding any jobs. We’re investing to remain competitive.”

Elwood Mayor Todd Jones said Red Gold is a vital part of the city’s success, employing 510 people with an annual payroll of $33.9 million.



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