Why Minnesota Food and Ag Companies Are Investing in a Recycling Plant
Monday, May 23, 2022
Earlier this month, a group of big-name Minnesota companies, including Cargill and General Mills, announced the development of a new $24 million plastic recycling plant in Rogers.
The companies all belong to MBOLD, an initiative launched in 2020 by economic development group Greater MSP to address major food and ag industry challenges. Several MBOLD companies are providing $9.2 million in debt financing to the facility, which will be operated by a recently launched company called Myplas USA. Myplas will turn recycled plastic into pelletized resins that can be used to produce new plastic film. Besides MBOLD companies’ investments, the state of Minnesota is kicking in $1.4 million in loans and grants for the facility. The recycled resins will be sold primarily to Charter Next Generation, a Milton, Wisconsin-based flexible film manufacturer.