July 29, 2022 – Rhino Health Inc. has closed a $58 million financial transaction that will help complete expansion of the company’s operations in south Fort Worth, Texas.
The $58 million will go toward the cost of equipment and working capital for Rhino Health’s $200 million expansion of its manufacturing plant at Majestic Fort Worth South Business Park. Rhino Health has also relocated its headquarters to the site.
Rhino Health expects to be producing gloves at about 50 percent capacity at the Fort Worth facility by the end of the year and to reach full manufacturing capacity in 2023.
Rhino Health will create new 520 jobs at the 400,000-square-foot lease facility in the business park, where it expects to produce 3 billion nitrile gloves per year.
Rhino Health, the only manufacturer of nitrile gloves in the United States, said the funding comes from New Markets Tax Credit (NMTC), with capital from five Community Development Entity lenders that aim to boost economic development in underserved areas.
“We are pleased to close on this important tax credit transaction that will allow us to fully build-out our Fort Worth expansion,” said Mark Lee, CEO of Rhino Health. “The additional capital made possible from NMTC transaction has been particularly impactful as this large-scale project is being implemented in an especially challenging economic environment, where construction and implementation costs are at an all-time high.”
Earlier this month, Honeywell announced its investment and ownership interest in Rhino Health for an undisclosed amount.