Rich Products (2024)

Brownsville,
TX
(2024)

Rich Products (2024)

Business Development, Food Manufacturing, Manufacturing

$117 million expansion project will add production capacity for branded appetizer business and bring more than 130 jobs to the community.

Investment

NMTC Amount: $25,500,000
Total Project Cost: $58,500,000

IMPACT

124 FTE jobs
All full-time employees will undergo extensive job training and will be offered a generous benefits package that includes medical, dental and vision insurance, 401k, education reimbursement, and disability and life insurance
150,000 sq. ft. of real estate

CDEs

Dudley Ventures, National New Markets Fund

Investor

Valley National Bank

BROWNSVILLE, TX / ACCESSWIRE / April 1, 2024 /

Rich Products (“Rich’s”), a global family-owned food company, and National New Markets Fund, LLC (“NNMF”) announced today that the second phase of Rich’s Brownsville, TX manufacturing facility expansion is officially underway.

NNMF, an affiliate of Los Angeles-based SDS Capital Group, will invest $17.5M of its New Markets Tax Credit (“NMTC”) allocation to support the 150,000-square-foot expansion, which will increase Rich’s production capacity for its growing branded appetizer business.

With an unemployment rate of 19.30% (2.33x nat’l average), the project will create 132 full-time, quality manufacturing and warehousing jobs. All jobs will offer wages above the area’s MIT living wage provide opportunities for overtime, as well as regular bonuses and significant opportunities for advancement for entry-level employees. All full-time employees will undergo extensive job training and will be offered a generous benefits package that includes medical, dental and vision insurance, 401k, education reimbursement, and disability and life insurance. Rich is also committed to funding scholarships for low-income people and residents.