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Benzinga
Benzinga
Business
Shivani Kumaresan

MGP Ingredients Plans To Build New $16.7M Extrusion Plant

MGP Kansas
  • MGP Ingredients Inc (NASDAQ:MGPI) plans to build an extrusion plant to produce its ProTerra line of texturized proteins. The new plant will be located adjacent to its existing Atchison, Kansas, plant.
  • The company expects the design of the $16.7 million facility will be led by Sabetha, Kansas-based design firm 1 Solutions Group. Construction on the new facility will begin this summer and be completed by the end of 2023.
  • The company expects the new extrusion plant to produce up to 10 million pounds of ProTerra per year, once online in late 2023.
  • "Building this new extrusion plant gives MGP the capacity and flexibility required to continue to meet the growing demand for our ProTerra line of texturized proteins," said Michael Buttshaw, MGP's VP of Ingredient Solutions Sales and R&D.
  • MGP currently utilizes co-packers to produce its ProTerra line.
  • Price Action: MGPI shares are trading lower by 0.06% at $78.13 on the last check Tuesday.
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