(RUSHVILLE) – A company that works to turn corn field waste into sustainable products is planning a central Indiana facility.
Officials on Monday announced the plans from a joint venture between Switzerland-based Cormo AG and Naples, Florida-based Sustainable Projects Group Inc. The venture called Cormo USA Inc. plans to invest about $29.5 million to establish its first U.S. production plant in Rushville, Indiana.
Plans call for creating up to 250 new jobs by the end of 2023.
Groundbreaking is expected this summer on the facility to process maize straw from up to 150,000 acres (60,703 hectares) of fields annually into a peat moss substitute for agricultural uses and foam products for material science uses.
The Indiana Economic Development Corp. plans to offer Cormo USA up to $3.5 million in conditional tax credits.