The company will begin operations at the former Sherman Manufacturing facility in February and will employ more than 100, according to the Sherman Economic Development Corp. (SEDCO) in a news release.
The SEDCO board of directors and Renew Blue accepted an Economic Development Performance Agreement, which includes a $400,000 incentive grant to be paid in three installments. Incentives will be dispersed in full to Renew Blue based on company performance criteria outlined in the agreement to help offset investments of $150,000 in building renovation and $1 million in manufacturing equipment.
Renew Blue recycles a polypropylene plastic cloth known as blue wrap into plastic pellets. The company also will recycle other non-contaminated polypropylene plastics.
“We spoke with several cities in the Metroplex and it was clear that Sherman offered us both a proactive city government and a very talented labor force to draw from. Those two factors should make for a great place to call home,” said Brian Hays, president and vice chairman of Renew Blue.