Expanding barrel storage capacity to support growth of the whiskey category
ATCHISON, Kan., October 21, 2015 – MGP Ingredients, Inc. (Nasdaq/MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, today reported that it is undertaking a major expansion in warehousing capacity at its Lawrenceburg, Ind., distilling facility.
The program includes a $16.4 million investment in expanding warehouse capacity on a 20-acre campus adjoining the company’s current Lawrenceburg facility. The program includes both the refurbishment of existing warehouse buildings and the construction of new warehouses. When completed, the program is intended to approximately double the current barrel storage capacity at Lawrenceburg. The first new warehouses, currently under construction, are expected to be completed by the end of 2015.
“This investment is consistent with the ‘invest-for-growth’ initiative of our five-year strategic plan,” said Gus Griffin, president and CEO of MGP. “Increased capacity will help us better support the rapid growth of the whiskey category, as well as support our own brand development efforts.”
“American whiskey is in the early stages of a long term growth trend”, Griffin continued. “Thanks to our strong reputation for quality and innovation, and our production capacity, MGP is uniquely positioned to benefit from this trend. This investment allows us to expand our ability to mature product for both our customers and our own future needs.”
About MGP
MGP is a leading supplier of premium distilled spirits and specialty wheat proteins and starches. Distilled spirits include bourbon and rye whiskeys, gins and vodkas, which are carefully crafted through a combination of art and science and backed by over 170 years of experience. The company’s proteins and starches are created in the same manner and provide a host of functional, nutritional and sensory benefits for a wide range of food products. MGP additionally is a top producer of high quality industrial alcohol for use in both food and non-food applications. The company is headquartered in Atchison, Kansas, where distilled alcohol products and food ingredients are produced. Premium spirits are also distilled and matured at the company facility in Lawrenceburg, Indiana. For more information, visit mgpingredients.com.