Tennessee Department of Economic and Community Development Commissioner Bob Rolfe and Petoskey Plastics, Inc. officials announced today that the company will invest $29.6 million to expand its operations in Hamblen County.
Petoskey Plastics plans to create approximately 70 jobs in Morristown over the next five years.
“I’d like to thank Petoskey Plastics for making such a significant investment in Morristown,” Rolfe said. “When an existing business invests $29.6 million and commits to create 70 jobs, it sends a strong signal to the quality of the community’s workforce and overall business climate. Petoskey Plastics is a vital part of Hamblen County’s economy and I look forward to the impact these additional jobs will have for the residents of this community.”
Petoskey Plastics is an environmentally-focused film, bag and resin manufacturer. The company supplies the automotive, medical, grocery, retail, packaging and construction industries.
Headquartered in Petoskey, Mich., Petoskey Plastics operates three manufacturing plants across the U.S. and employs more than 400 associates. The company’s customer base includes 30 Fortune 500 companies and businesses in more than 47 countries.
“Our growth has required us to invest in more capital,” Jason Keiswetter, executive vice president of Petoskey Plastics, said. “We needed to add additional capacity. The local Morristown government and State of Tennessee have been very easy to work with and helped make our decision to proceed with the expansion in Tennessee. We are thrilled with the availability of technical associates. We look forward to completing the building addition in 2018 and continue to add capacity and jobs within the structure for several years to come.”
Petoskey Plastics will add 30,000 square feet to its existing Morristown manufacturing facility, which specializes in polyethylene film. The investment will increase capacity at the facility, which has multiple extrusion lines utilizing recycled materials, converting lines and a four color offset paper printing press.
Work on the expansion is scheduled to begin in the second quarter of 2018. Petoskey Plastics anticipates the first phase of the new expansion will be operational in the fourth quarter of 2018.
“I would like to express my congratulations on behalf of the City of Morristown to Petoskey Plastics for its past successes which have resulted in this plan for further growth of its company, products and services,” Morristown Mayor Gary Chesney said. “This decision to expand here is also a statement of confidence in Petoskey’s mission, its employees and Morristown’s direction as a quality place to work.”
“TVA and Morristown Utilities Commission congratulate Petoskey Plastics on its decision to expand operations in Morristown,” TVA Senior Vice President of Economic Development John Bradley said. “Helping to attract and retain job opportunities is fundamental to TVA’s mission of service and we are proud to partner with Morristown Chamber of Commerce and Tennessee Department of Economic and Community Development to help further that mission.”
The Morristown Area Chamber of Commerce, Hamblen County and the Morristown Industrial Development Board also supported the Petoskey’s expansion.
