Last updated on July 3rd, 2019 at 07:23 pm
Gold Standard Baking Inc., a Chicago-based company that expanded with operations in Pleasant Prairie earlier this year, could receive up to $575,000 in state tax credits for its job creation efforts.
The company is a high-volume bakery and opened its second production facility in Pleasant Prairie’s LakeView Corporate Park earlier this year. The roughly 200,000-square-foot building was a speculative industrial building developed by Milwaukee-based Wispark LLC and Oak Brook, Ill.-based CenterPoint Properties.
The company’s headquarters and other production facility remain in Chicago.
The Wisconsin Economic Development Corp. is offering Gold Standard $575,000 in tax credits to support the expansion. Gold Standard is eligible for $295,000 in credits for creating at least 96 new jobs and $280,000 for capital expenditures. The company plans to spend $33.7 million on equipment and $8.5 million on building renovations.
Pleasant Prairie approved plans for the operation earlier this year. Documents filed with the village called for Gold Standard to have roughly 90 jobs in the first year, split evenly across three shifts. Employment could eventually grow to 300 in the future.
“Gold Standard Baking appreciates the support of WEDC, the Village of Pleasant Prairie and local community in helping the company establish a second facility,” said Yianny Caparos, Gold Standard president and chief executive officer. “We look forward to providing career opportunities for people looking to join our dedicated team in supplying unsurpassed quality product to our customers.”
Mark Hogan, WEDC secretary and CEO, said the company is a welcome addition to the state’s food and beverage industry.
“Over the past 30 years, Gold Standard Baking has grown from a neighborhood bakery in Chicago to a company that now employs 400-plus people and delivers quality baked goods to customers nationwide,” Hogan said.