Waco (FOX 44/KWKT) — Graphic Packaging International announced Tuesday that it has selected Waco as the home for its new facility and newest state-of-the-art coated recycled paperboard machine.

The company plans to investment $1 billion over three years into the site. The location of the facility will sit on 119 acres at Texas Central Park on Gateway Boulevard. There will be 640,000 square feet in production and warehousing facilities.

Georgia Packaging plans to offer roughly 230 jobs, with an average salary of $65,000 and full benefits.

The company says its decision to move to Central Texas comes after talks with the city of Waco, McLennan County, the Waco Industrial Foundation, and the Greater Waco Chamber.

In a press release obtained by FOX 44 News, Waco Mayor Dillon Meek said, “I’m thankful for the Graphic Packaging leadership team, who saw first-hand how our community comes together for the greater good, including workforce development and long-range infrastructure plans. Our community’s commitment to collaboration between local government, businesses, and education greatly benefits large and small businesses. Thank you to all the parties who diligently worked to achieve this important milestone.”

The company says the Waco investment will allow Graphic Packaging to upgrade its overall CRB capacity and take advantage of a rapidly growing recycled fiber-based packaging market.