Developments > Commonwealth Dairy
Commonwealth Dairy is a new yogurt factory in rural Vermont – a processing facility that has already created 33 new jobs and is giving a boost to Vermont’s dairy industry and the local economy. The 39,000 square-foot, state-of-the-art yogurt plant was financed using $28 million in New Markets Tax Credit financing provided by MHIC, which provided $18 million, in partnership with CEI Capital Management, LLC, which provided $10 million. US Bank CDC is the sole New Markets Tax Credit investor. Commonwealth Dairy is the largest dairy plant built in Vermont since Ben & Jerry’s Ice Cream in the 1990s and the largest commercial plant built in Vermont in the last 20 years.
Commonwealth Dairy is a joint venture between Ehrmann USA, the US subsidiary of an international yogurt producer, and Commonwealth Yogurt. Now one of Vermont’s largest milk users, Commonwealth at full production capacity will consume up to 110 million pounds of milk, allowing the plant to produce 70 million pounds of yogurt and 21 million pounds of cream annually. The company has committed to pay 5% of its operating profit to farms that supply its milk; moreover, at least 40% of the company’s milk supply will come from low-income areas. These are important benefits because dairy farmers all too often face production costs that exceed milk pricing levels set by the federal government.
Commonwealth Dairy
Project at a Glance:
Location:
Brattleboro
Development Type:
Commercial
Project Type:
New construction
MHIC Financing:
$17,934,849 in NMTC financing
Sponsor:
Commonwealth Yogurt, LLC
Commonwealth Dairy is a new yogurt factory in rural Vermont – a processing facility that has already created 33 new jobs and is giving a boost to Vermont’s dairy industry and the local economy. The 39,000 square-foot, state-of-the-art yogurt plant was financed using $28 million in New Markets Tax Credit financing provided by MHIC, which provided $18 million, in partnership with CEI Capital Management, LLC, which provided $10 million. US Bank CDC is the sole New Markets Tax Credit investor. Commonwealth Dairy is the largest dairy plant built in Vermont since Ben & Jerry’s Ice Cream in the 1990s and the largest commercial plant built in Vermont in the last 20 years.
Commonwealth Dairy is a joint venture between Ehrmann USA, the US subsidiary of an international yogurt producer, and Commonwealth Yogurt. Now one of Vermont’s largest milk users, Commonwealth at full production capacity will consume up to 110 million pounds of milk, allowing the plant to produce 70 million pounds of yogurt and 21 million pounds of cream annually. The company has committed to pay 5% of its operating profit to farms that supply its milk; moreover, at least 40% of the company’s milk supply will come from low-income areas. These are important benefits because dairy farmers all too often face production costs that exceed milk pricing levels set by the federal government.