TD Bank’s wholly-owned subsidiary TD Community Development (TDCDC) has supported the expansion of Phoenix Packaging Operations, with the allocation of $15m in new markets tax credits (NMTC).
The $15m NMTC will help Virginia-based Phoenix Packaging in its $50m expansion project.
By using NMTC funding, Phoenix Packaging is investing in its Pulaski County and workforce on a long-term basis.
Phoenix Packaging will use the investment to modify its existing manufacturing plant and construct a 250,000ft² of space.
The company will also use the investment for in machinery, equipment and training, as well as development programs.
The NMTC allocation will enable Phoenix Packaging to further involve in environmentally sustainable initiatives and practices, including environmentally friendly production methods.
Phoenix Packaging can produce polypropylene K-Cup® Pods used in Keurig coffee brewers by using recyclable and eco-friendly class #7 plastic through replacing class #5 plastic.
The project is said to enable Keurig to decrease greenhouse gas emissions attributed to K-Cup Pod production by 27%.
The investment will allow Phoenix Packaging to create 145 new jobs, in addition to retaining around 400 local positions.
Phoenix Packaging CEO Alberto Peisach said: “As a family- and minority-owned business, we recognize the Dublin community as a key stakeholder in our company.
“The NMTC allocation from TDCDC allows us to continue growing our employee base in Dublin while investing in their training, development and overall health and well-being.”
TDCDC New Markets Tax Credit Program deployment director Michael Cooper said: “TD is deeply committed to the communities it serves, and we’re proud to support socially and environmentally responsible companies like Phoenix Packaging.”
Phoenix Packaging is engaged in the manufacturing and distribution of advanced consumer and foodservice packaging products across the Americas.
Grupo Phoenix operates production plants in Colombia, the US, Mexico, Uruguay, and Venezuela. The firm provides services to clients in more than 30 countries.
Grupo Phoenix is a strategic packaging partner for customers in multiple categories and segments, including dairy, desserts, coffee, beverages, ice cream, soups, spreads, cosmetics and household cleaning areas.