New company to create 50 jobs, invest more than $2.5 million
WICKLIFFE, Ky. (May 31, 2013) – Two River Fisheries, along with state and local officials, on Thursday celebrated the grand opening of its Wickiffe facility.The newly-formed company plans to create 50 jobs and invest more than $2.5 million in the project, which includes leasing a 36,000-s.f. spec building owned by the Ballard Industrial Board on Wickliffe Road.
Two Rivers Fisheries plans to purchase Asian carp from local fishermen, process the meat and blast-freeze the product for shipment to South East Asia, where the fish are in demand. Bi-products from Asian carp processing can also be used to make fertilizer. The company expects the plant will have the ability to process and sell up to 10,000 pounds of Asian carp per day.
“We welcome Two Rivers Fisheries to the commonwealth. Not only will the company create 50 jobs and invest $2.5 million, it will also add to our overall exports,” said Gov. Steve Beshear. “Exporting is big business, with Kentucky setting an all-time record last year with $22 billion in exports of Kentucky products and services.”
“We are thrilled to be a member of the Wickliffe/Ballard community,” said Angie Yu, CEO of Two Rivers Fisheries. “After years in the international fish importing and exporting business, we have realized our dream of creating our own factory and greatly appreciate the support we have received, both on the local and state levels. Our hope is that this facility benefits Kentucky’s waterways as well, removing Asian carp from the rivers and turning them into a positive resource.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition to KEDFA’s preliminarily approved performance based tax incentives, the Delta Regional Authority (DRA) authorized $307,000 for the company. The DRA is a federal-state partnership that is congressionally mandated to help create jobs, build communities, and improve lives in the 252 counties and parishes of the Delta. The investments come through the DRA’s States Economic Development Assistance Program. With 45 Local Development Districts as front-line project managers, these investments by the Delta Regional Authority support job creation and community development projects.
“The launch of Two Rivers Fisheries is successful entrepreneurship at its core: finding solutions that will both create good paying jobs and have a social impact for Wickliffe/Ballard, for the Delta and for the country,” said Federal Co-Chairman of the Delta Regional Authority Chris Masingill. “The Delta Regional Authority is proud to be a part of this project, and I congratulate Gov. Beshear and Two Rivers Fisheries for their commitment to the commonwealth of Kentucky and the Delta region.”