ST. LOUIS — A consumer products giant with a factory on the north St. Louis riverfront is planning a $180 million expansion, with the help of state and local subsidies.
Procter & Gamble Manufacturing Co. (NYSE: PG), based in Cincinnati, is proposing an expansion on its existing 17-acre campus at 169 E. Grand Ave., divided between $120 million in property improvements and $60 million in new equipment, according to filings with the city of St. Louis.
St. Louis won a competitive search to keep and expand the factory, St. Louis Development Corp. Executive Director Neal Richardson said.
The St. Louis Port Authority will consider Thursday whether to issue $180 million in industrial revenue bonds to help fund the project, according to a meeting agenda. If the bonds are issued, the company would receive a 50% personal property tax abatement on the $60 million of new equipment for 10 years, and a sales tax exemption for construction materials. It wasn't immediately clear what the subsidies were worth.
The plant has been in operation for more than 90 years at its current location, and the company produces Cascade, Mr. Clean, Swiffer and Febreze products there, according to previous Business Journal reports.
The new investment is projected to retain 530 existing jobs at the home products facility and add 100 more jobs at an average annual wage of $65,000, according to city documents.
For more than a year, Procter & Gamble has been working with city officials, along with the St. Louis Economic Development Partnership and the Missouri Department of Economic Development, on potential incentives, the Port Authority said. The city said the tax abatement is “essential” to the expansion.
Click here for the full story from the St. Louis Business Journal.