This paper describes a multiperiod investment model for processing networks with dedicated and flexible plants. Flexibility can be characterized by feedstocks, products, or any combination, and both batch and continuous plants can be modeled. The model is a multiperiod mixed integer linear programming model which, given a forecast of product demands and pricing, maximizes the net present value of a processing network’s operations and expansion decisions over a long time horizon. Application of the model extension is illustrated with a small example. Its impact on an industrial application is also reported.