Originally Published by TD Bank.
TD Community Development Corporation (TDCDC), a wholly-owned subsidiary of TD Bank, N.A., today announced that it allocated $15 million in New Markets Tax Credits (NMTC) to assist in the approximately $50 million expansion of Phoenix Packaging Operations, LLC, a minority-owned packaging company located in Dublin, Virginia.
Leveraging the NMTC funding provided by TDCDC, Phoenix Packaging is making a long-term investment in Pulaski County and its workforce by modifying its existing manufacturing plant and building a 250,000-square-foot expansion. The company also will invest in machinery, equipment, and training and development programs.
TDCDC’s NMTC allocation also will allow Phoenix Packaging to participate further in environmentally sustainable initiatives and practices, including more environmentally friendly production methods of polypropylene K-Cup Pods used in Keurig coffee brewers that employs a more recyclable and eco-friendly class #7 plastic than the current class #5 plastic. The project allows Keurig to decrease greenhouse gas emissions attributed to K-Cup Pod production by 27 percent.
Dublin, Virginia, once a booming location for the coal mining industry, now suffers from high unemployment and economic distress. Phoenix Packaging has announced that its expansion will result in the creation of 145 new jobs and the retention of approximately 400 local positions that pay double the area’s living wage. The company will also offer apprenticeships and job training programs.
“As a family- and minority-owned business, we recognize the Dublin community as a key stakeholder in our company,” said Alberto Peisach, CEO for Phoenix Packaging. “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.”
“TD is deeply committed to the communities it serves, and we’re proud to support socially and environmentally responsible companies like Phoenix Packaging,” said Michael Cooper, Deployment Director, New Markets Tax Credit Program, TDCDC. “We are honored to help this company make a long-term investment in the people of Dublin, while also developing sustainable products that will positively impact our planet for decades to come.”
