Resinall (2011), Hattiesburg, MS

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COMMUNITY IMPACT

Since 1984, Resinall Corp operated a manufacturing facility that produced thermoplastic resins for use in publication ink. The plant is located in Hattiesburg, Mississippi, a community with high unemployment and poverty rates. In the five years preceding 2011, changes in the market and technology resulted in declining business for Resinall. In an effort to help Resinall keep its business open, two Community Development Entities, SEDCE Ventures, LLC and MuniStrategies, LLC, provided a total $18 million in NMTC financing that allowed the company to produce a new Hydrogenated Hydrocarbon resin unit and launch a new line of hydrogenated tackifier resins for use in hot melt pressure sensitive adhesives. In addition to $12 million in NMTC financing employed by SECDE Ventures and $6 million in NMTC financing, from MuniStrategies, $15 million was secured from Mississippi Business Finance Corporation to facilitate the completion of this facility expansion for Resinall. The Mississippi Development Authority also utilized a $2.4 million allocation of state NMTCs, which, along with the federal allocations, helped preserve 125 manufacturing jobs and create 20 new positions, with that number expected to grow. The expansion of the Hattiesburg plant has enabled Resinall to produce a wide range of resins in solid and solution form – with the added security of manufacturing redundancy. In addition, the new technical, operations, and sales facility have strengthened technical and operational innovation. As a condition for receiving NMTC financing, Resinall agreed to make significant philanthropic contributions and has already made a $10,000 donation to Hattiesburg’s Oseola McCarty Children’s Home to help provide needy children with healthy meals. The company has also committed to providing job opportunities with living wages and benefits to low-income residents, and it utilized Minority Business Enterprises and Women Business Enterprises in the construction of the project.

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