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Diamond Drinks, Inc., is.a Pennsylvania -based manufacturing business <br />expanding its operations to Indian River County. The company has registered <br />with the FL Department of State SunBiz as Diamond Drinks of Florida, Inc. As a <br />manufacturer, the company Drinks is eligible to apply for an Indian River County <br />Ad Valorem Tax Exemption. <br />Background <br />Diamond Drinks is a contract beverage manufacturer located in Williamsport, PA. <br />The company began operations in January 1992. They currently have 100 <br />employees at their PA facility. In addition to beverage co -packing, the company <br />provides containers and beverage transportation logistics from its sister <br />company, Suscon. Products are sold under their customers' name brands. <br />Business has doubled in recent years, which led the Company's President/CEO <br />to search for a centralized location to better serve their customers in the <br />Southeast U.S. market. The new facility in Indian River County will have similar <br />functions as the original plant: fruit juice bottling and packaging, including <br />package customization. <br />Capital Investment <br />Diamond Drinks purchased the former Indian River Exchange Packers building <br />on the corner of Oslo Road and 74th Avenue. They anticipate $1.6 million in <br />capital improvements, primarily in permanently placed new equipment and <br />machinery. The property falls under Florida's Agricultural Exemption rules, <br />meaning site and building plans do not need county approval. <br />Employment <br />Diamond Drinks anticipates hiring up to 50 new employees when fully operational <br />in their new facility, with annual salaries ranging from $33,000 to $65,000. The <br />majority of these positions will pay 75% of the county's average annual wage of <br />$43,178, excluding benefits. The company's total employment calculates to over <br />$1.7 million in new paychecks circulating in our local economy. They plan to <br />begin operations in mid-May. <br />Economic Impact <br />Indian River County can expect to see positive spin-off from the new jobs created <br />and capital investment made by the location of Diamond Drinks. Using the ESMI <br />model, based on the information provided by the employer, the figures below. <br />were calculated. <br />30 <br />