NEWS RELEASE

FOR RELEASE: Wednesday, September 16, 2015
Contact: Natalie Likness, Governor’s Office of Economic Development, 605.773.3301

PEG Project 1, LLC, Approved For Reinvestment Payment Program, adding up to 50 jobs

BERESFORD, S.D. – PEG Project 1, LLC, DBA Dakota Metals, a nonferrous and precious metals sorting company that will be based in Beresford, S.D., announced today it is building a 39,000-square-foot facility and investing in new equipment. The project is aided with a Reinvestment Payment from the Governor’s Office of Economic Development (GOED), funding from Dakota Business Finance and additional funding from the Small Business Administration (SBA) and the city of Beresford. The reinvestment payment was approved by the Board of Economic Development last December.

“I want to congratulate this company and the community of Beresford for creating a partnership and bringing new investment to rural South Dakota,” said Gov. Dennis Daugaard. “I am glad that PEG chose to take advantage of South Dakota’s stellar business climate by making our state its flagship location.”

PEG uses a proprietary sorting system, which was purchased from a company in the Netherlands, called “Liquisort” and is able to sort various types of precious and fine nonferrous metals. This technology has only recently made it to the United States after being introduced in Europe and Canada.

“This process is new technology. In fact, this machine will be one of the first, if not the first, in the United States, so to have it headquartered in Beresford, S.D., is huge,” said Mayor Jim Fedderson, Beresford. “We’re looking forward to the jobs it’s bringing to the area and the potential for new residents, as well. Everyone is very excited and it is my pleasure to welcome PEG to Beresford.”

“We’re pleased to make our business-home in South Dakota,” said John R. Grosenheider, president, PEG. “We looked at properties in Iowa, Minnesota and Nebraska. We’re excited to put down roots in Beresford and begin creating jobs in the community. Our hope is to hire about 30 people in year one, and have approximately 50 full-time employees by year three. We owe a huge thanks to the leadership in Beresford, as well as at the GOED. Ultimately we made our decision based on tax incentives, business climate and access to state leadership. You don’t find that kind of package elsewhere.”

PEG Project 1 is the 12th company to be approved for the program.

In addition to the reinvestment payment, the Board of Economic Development approved a Local Infrastructure Improvement grant to the Beresford Economic Development Corporation this past June. The approved monies will fund a new road that will give PEG an additional access point and will allow future development in the industrial park.

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