BALTIMORE — Ontario-based food processing company Protenergy Natural Foods is expanding its U.S. headquarters with the purchase of the 67-acre site and 200,000 square-foot building the company currently leases in Cambridge, Mass.
Protenergy 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 Maryland Gov. Martin 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.”