27 November 2012

Protenergy Natural Foods to invest $20.3 million and create 100 jobs in Cambridge, Maryland

- Purchase of 67-acre site & 200,000 sq. ft. building in Cambridge 
- Plans to more than triple its current workforce of 53 
- State-backed loan guarantee on $3.6 million bank loan 
- Protenergy is headquartered in Richmond Hill, Ontario, Canada

Baltimore, MD – 27 November 2012 – Governor Martin O’Malley today announced that Ontario-based Protenergy Natural Foods is expanding its U.S. headquarters on the Eastern Shore with the purchase of the 67-acre site and 200,000 square-foot building the company currently leases in Cambridge. The food processing company plans to more than triple its current workforce of 53 by creating up to 100 new full-time jobs by April 2013 and hiring another 27 employees over the next five years as it increases production capacity to meet the growing demand for its soups, broths and sauces. 

The Maryland Department of Business and Economic Development (DBED) is assisting the purchase with a State-backed loan guarantee on a $3.6 million bank loan and has approved a $250,000 conditional loan though its Maryland Economic Development Assistance Fund program. The company expects to invest approximately $20.3 million in the project. 

“It is exciting to see a forward-thinking company like Protenergy creating high-quality jobs on the Eastern Shore,” said Governor O’Malley. “Protenergy’s decision to further invest in our State reflects our strong support for growing our manufacturing industry and our commitment to working with our county partners to grow and retain jobs.” 

Manufacturing has been the very fabric of Dorchester County’s history and heritage, we are pleased to have innovative manufacturers like Protenergy as we strive to diversify industry sectors in the County,” said Keasha Haythe, CEcD, Dorchester County Economic Development Director. 

“We are extremely pleased to be acquiring the facility in Cambridge,” said John Black, Chief Financial Officer at Protenergy. “During the past year, we have invested significantly in the plant and recently completed the commissioning of two additional production lines. These new lines significantly increase our capabilities and capacity to meet growing customer demand for our products. We are pleased with the financing arrangement we now have in place with the State of Maryland, as the MIDFA insurance and conditional loan are key components of our U.S. financing.” 

Formed in 2004, Protenergy experienced exceptional growth throughout the years servicing 17 of the largest U.S. grocery retailers with ninety percent of its revenues generated from U.S.- based customers. The company began to exceed capacity at its 40,000 square-foot Canadian facility and began to search for an additional facility in the U.S. to better serve its customers. After considering several sites, the company opened its first U.S. facility in Cambridge in November 2011. 

Protenergy, which is headquartered in Richmond Hill, Ontario, is a technologically advanced, innovative manufacturer of premium quality natural foods and beverage products. 

The Maryland Department of Business and Economic Development’s mission is to attract new businesses, stimulate private investment and create jobs, encourage the expansion and retention of existing companies and provide businesses in Maryland with workforce training and financial assistance. 

Source: Maryland Department of Business and Economic Development