Mars chocolate wraps $11.7M in WacoMars chocolate wraps $11.7M in Wacohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=53922013-12-20T09:20:00Z2013-12-20T09:00:00Z

WACO - Mars Chocolate North America will make $11.7 million in capital improvements to its plant located at 1001 Texas Central Pkwy.

The company plans $5.6 million in real property improvements and $6.1 million in personal property improvements, which includes a $4 million enrobing machine used to coat food items with chocolate.

The Waco City Council has approved a business grant that will give the confectionary giant tax breaks on its investment, which will allow Mars to retain 456 full-time jobs, with benefits, at the Waco facility.

City documents show Mars will receive tax breaks totaling $187,500 during the next five years on the increased value of the plant and its contents. The city, meanwhile, will receive about $220,000 in additional tax revenues during that period because of the improvements.

If Mars fails to retain the 456 full-time jobs, “it may be obligated to repay all or a portion of the incentive funds per the agreement,” according to the documents.

Production workers in Waco make 85 percent of the popular Snickers candy bars produced in North America.

Waco Tribune-Herald
http://www.wacotrib.com/news/business/mars-to-spend-million-on-its-waco-candymaking-plant/article_8d8906b6-1fe2-5fc8-9e0b-f3dc88948f34.htmlRead more at {Source}

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