Mgp Ingredients, Inc. (NASDAQ:MGPI)

ATCHISON, Kan., Oct. 21, 2015 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, today reported that it is undertaking a major expansion in warehousing capacity at its Lawrenceburg, Ind., distilling facility.

The program includes a $16.4 million investment in expanding warehouse capacity on a 20-acre campus adjoining the company's current Lawrenceburg facility. The program includes both the refurbishment of existing warehouse buildings and the construction of new warehouses. When completed, the program is intended to approximately double the current barrel storage capacity at Lawrenceburg. The first new warehouses, currently under construction, are expected to be completed by the end of 2015.

"This investment is consistent with the 'invest-for-growth' initiative of our five-year strategic plan," said Gus Griffin, president and CEO of MGP. "Increased capacity will help us better support the rapid growth of the whiskey category, as well as support our own brand development efforts."

"American whiskey is in the early stages of a long term growth trend," Griffin continued. "Thanks to our strong reputation for quality and innovation, and our production capacity, MGP is uniquely positioned to benefit from this trend. This investment allows us to expand our ability to mature product for both our customers and our own future needs."

We added share of MGPI in yesterday’s trading session due to insider buying activity.  Three separate insiders purchased 28,300 shares in the open market at roughly $15.95 per share.

We first alerted members we were buying on August 6, 2015 at $15.75 . We think the stock could reach  $20.77 in the near-term.