BBIF NMTC Spotlight: Super-Pufft Snacks USA, Inc
BBIF supports NMTC projects located in economically distressed, high-minority population areas on the basis of job creation, job quality, job accessibility, the impact the project will have on the local community, and its alignment with the community’s development priorities. In addition, these projects must demonstrate that they will improve the quality of life for current residents.
In the rural city of Perry, FL is Super-Pufft Snacks USA, Inc., a manufacturing facility for snack foods and supplies. This US-based facility is a subsidiary of the Canadian snacks corporation, which has been in operation for over 60 years with facilities in 30 different countries. Super-Pufft supplies products for major brands such as ALDI Inc., Wal-Mart, and PepsiCo. The company also manufactures products under its brands and private labels.
Due to the closing of Snyder-Lance, a snack and chip production company, the residents of Perry experienced a devastating loss. The production company closing left 250 people unemployed. This recent spike in unemployment caused a tax burden to be placed on the residents and the community. Many residents began vacating the surrounding area since the community lacked quality employment opportunities.
Super-Pufft aims to provide growth in this rural community. The manufacturing company’s $25 million equipment expansion project will allow the plant to be more efficient and provide a wider variety of products that can be produced. This increase in production is anticipated to provide 500 new full-time jobs over the life of the NMTC compliance period. These jobs directly connect to the Taylor County Economic Development Plan of bringing quality industrial jobs to the county.
Financing for this project was made possible through investments from the federal New Market Tax Credit (NMTC) from BBIF, HSBC as well as Super-Pufft Snacks Corporation.