More than $1 Billion in Food & Beverage Project Spending Plans on the Table in Virginia

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Researched by Industrial Info Resources (Sugar Land, Texas)--Food and beverage firms are investing heavily in manufacturing and distribution assets in Virginia. Industrial Info is tracking more than $1 billion in project spending plans designed for new construction, plant expansions and equipment upgrades--all to boost output and storage capacity at facilities.

Project expenditures range from $500,000 to $125 million, and are spread across 76 projects. Grassroot construction of 12 new facilities accounts for $332 million.

Some of the companies with spending plans include Abbott Nutrition (Abbott Park, Illinois), which is a subsidiary of Abbott Laboratories (NYSE:ABT) (Chicago, Illinois), Kraft Heinz Company (NASDAQ:KHC) (Pittsburgh, Pennsylvania), Mondelez International Incorporated (NASDAQ:MDLZ) (Deerfield, Illinois) and Tyson Foods (NYSE:TSN) (Springdale, Arkansas), among others.

In 2014, food firms completed more than $570 million in project plans in Virginia. For this year, the value of projects already completed, and slated for completion, is about $251 million.

As far as construction starts go, the current portfolio of projects has $474 million (and growing) for 2016 from 40 projects, and $242 million with a construction start date for 2017-2018 from 15 projects.

A few examples of the capital expenditures taking place in Virginia include:

• $125 million grassroot food distribution center
• $66 million grassroot beer brewery
• $40 million soy milk plant expansion
• $30 million beer brewery expansion
• $10 million cold storage facility expansion

Industrial Info's database of active capital and maintenance expenditures in the Food & Beverage Industry, including the Sugar Processing Industry and Water Desalination Segment worldwide, shows current expenditures of $71 billion and more than 5,100 active projects. The U.S. portion comes out to more than 2,500 active projects that total more than $33.5 billion.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.