Americold Announces $84 Million Investment with Expansion at Russellville PlantAugust 12, 2021
RUSSELLVILLE, Ark. (June 18, 2021) – Americold Realty Trust (Americold), a global leader in integrated temperature-controlled warehousing and transportation solutions for the food industry, will expand its operations in Russellville, Ark., investing approximately $84 million and creating 30 new jobs, the company announced.
“We are excited to expand our presence in the state of Arkansas,” stated Fred Boehler, President and Chief Executive Officer of Americold. “The Russellville facility will be highly automated to provide mission critical, long term infrastructure for one of our top tier strategic customers and one of North America's leading branded food companies.”
Americold has begun constructing a new 131,000-square-foot state-of-the-art cold storage and distribution facility at its existing Russellville site, which currently employs more than 70 full-time employees. The new facility will feature high-bay automation to maximize footprint efficiency and lower energy costs. With this expansion, Americold will add 13 million cubic feet to the facility, creating approximately 42,000 pallet positions for product storage. This facility will be built to suit the operational needs of one of Americold’s top-tier clients, Conagra Brands.
“With 10 facilities throughout the state including its Russellville site, Americold is a valued member of Arkansas’ business community,” Gov. Asa Hutchinson said. “I’m pleased that Americold continues to have confidence in our business environment, and I wish them much success in the future.”
Americold, which is based in Atlanta, Ga., is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. It currently operates 242 facilities in North America, Europe, Asia-Pacific, and South America. Ten of its facilities are located in Arkansas.
“It is always a great day when one of our companies decides to continue investing in our communities and our economy, especially when that company is as familiar with Arkansas as Americold is,” Secretary of Commerce and Executive Director of the Arkansas Economic Development Commission (AEDC) Mike Preston said.
Americold has entered a payment in lieu of taxes (PILOT) agreement with the city of Russellville to abate up to 65 percent of property taxes for 20 years. The company also qualified for the AEDC Advantage Arkansas Program, which provides state income tax credit for job creation based on the number of new employees hired as a result of the project, and the AEDC Tax Back Program, which provides sales tax refunds on building materials, taxable machinery, and equipment associated with the project.
“Russellville is excited that Americold has decided to expand their facility in our community,” Russellville Mayor Richard Harris said. “The city of Russellville and the state of Arkansas have been working with Americold to facilitate this expansion in order to continue creating opportunities for our workforce and facilitating growth in our local economy. I look forward to working with Americold for many more years to come. “
The company plans to complete the facility by the end of 2022.
Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 242 temperature-controlled warehouses, with over 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific and South America as of March 30, 2021. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.
About the Arkansas Economic Development Commission
The Arkansas Economic Development Commission (AEDC), a division of the Arkansas Department of Commerce, seeks to create economic opportunity by attracting higher-paying jobs, expanding and diversifying local economies in the state, increasing incomes and investment, and generating growth throughout The Natural State. Arkansas is a pro-business environment operating leaner, faster and more focused through a streamlined state government designed to act on corporate interests quickly and decisively. For more information, visit www.ArkansasEDC.com. The Arkansas Department of Commerce is the umbrella department for workforce and economic development drivers. Its divisions and regulatory boards include Division of Aeronautics, Waterways Commission, Wine Producers Council, Division of Workforce Services, Office of Skills Development, State Bank Department, Insurance Department, Securities Department, Economic Development Commission and Development Finance Authority. It was established July 2019 as part of Governor Asa Hutchinson’s wide-sweeping efficiency and transformation efforts to reduce 42 cabinet agencies to 15 while maintaining services for all Arkansans.