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Consolidated Grain and Barge Co. (CGB) announced yesterday a $31 million expansion of its soybean processing facility at the Port of Indiana-Mount Vernon in southwest Indiana.Built in 1997, the plant is the company's only soybean processing operation. Its strategic location offers multiple logistic options, including inbound and outbound barge, rail and truck transportation and outbound container shipping, according to a CGB press release. Rail service at the port is provided by the Evansville Western Railway, which interchanges with four Class Is.When it was built, the plant was processing 65,000 bushels of soybeans each day into soybean meal, soybean oil and soy hull pellets for both food and industrial uses. Since then, the company has continued to increase the plant's capacity. With the next expansion, the plant will have more than doubled its original size. The project will result in additional servicing opportunities for Indiana soybean farmers and increase product supply for agribusiness customers, company officials said."The soybean processing industry is very competitive, and this investment will allow us to remain competitive in the future," said Steve O'Nan, senior vice president of CGB.The Indiana Economic Development Corp. offered CGB up to $45,000 in conditional tax credits based on the company's plans. Posey County approved additional incentives at the request of the Posey County Indiana Economic Development Partnership.
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