Glacial Lakes Rubber and Plastics Approved for REDI, Expanding and Relocating
Tuesday, November 3, 2015
WATERTOWN, S.D. – Glacial Lakes Rubber and Plastics (GLRP), based in Watertown, S.D., has outgrown its current facility. Thanks to a REDI (Revolving Economic Development and Initiative) Fund loan, approved last month by the Board of Economic Development, GLRP will soon be relocating to a 30,000-square-foot building within Watertown’s Pheasant Ridge Industrial Park.
“It’s always exciting to see our companies grow and evolve, but it’s especially encouraging when such a young, homegrown company like GLRP grows so quickly,” said Gov. Dennis Daugaard. “When Minnesota Rubber closed in 2014, Robb Peterson stepped up to the plate. This expansion underscores the resiliency of Watertown’s manufacturing sector.”
Peterson says expansion into a bigger facility will allow him the room for continued growth in the future, adding up to 50 full-time employees over the next several years.
“There are plenty of reasons why businesses should partner with the state when it comes to financing various projects within their business,” said Robb Peterson, GLRP president and CEO. “But the terms, the opportunity and the easy access to our government officials are just a few of those reasons. This isn’t the first time I’ve worked with the Governor’s Office of Economic Development (GOED), and I’m confident it won’t be the last, either.”
“We couldn’t be more encouraged by the fast pace growth of the company and the jobs it is creating,” Craig Atkins, executive director, Watertown Development Company, said. “We are pleased to have played a role in this expansion and we look forward to the company’s future success.”
GLRP will transition into the new facility over the course of the next few weeks.
For more information on GLRP, visit www.glrp.com
. For more information on the REDI Fund loan and other GOED finance programs, visit www.sdreadytowork.com