Packaging company Bryce has announced plans for a $21m expansion at its facilities at 5405 Hickory Hill, 4505 Old Lamar and 3825 Delp Street in the US.
The company, which has filed an application with the Economic Development Growth Engine of Memphis & Shelby County for tax abatements, said the investment will be used to purchase new equipment for the facilities.
The application noted that the latest expansion is set to create 95 new jobs, besides retaining 318 jobs.
Bryce is requesting payment-in-lieu-of-taxes benefits for a period of ten years, which enables an estimated saving of $4m in taxes, while creating for Memphis and Shelby County a new tax revenue of about $17.9m.
In a bid to renovate its warehouse and office space at 4505 Old Lamar, the company has also filed for a $475,000 building permit that listed painting, office refurbishment and extension in the description.
Bryce invested $9m in 2010 to expand and add 25,000ft² to its existing 100,000ft² facility on Old Lamar, bizjournals.com reported.
The company also has a production facility and a distribution facility in Tupelo and Searcy, Arkansas, respectively, where it plans to relocate if it is not possible to expand in Memphis.
Bryce, which makes packaging for the food industry including snack foods, frozen foods and pet foods, operates under two distinct entities.
The entity Bryce Company provides flexible packaging to a variety of markets, while the Cyber Graphics division is engaged in package design, product photography and flexographic prepress operations.
Image: Bryce manufactures packaging for snack foods, frozen foods and pet foods; Photo: Courtesy of Marcela.