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FAST LANE - June
2005
TMMK will have the capacity to build approximately 48,000 Camry hybrid vehicles per year. The addition of hybrid production to TMMK will include a $10 million investment in the plant. Toyota expects capacity and employment to stay the same at TMMK with the addition of the Camry hybrid, since the hybrid production will take place on the plant’s existing lines, and no new construction is planned. The Camry Hybrid joins a growing Toyota and Lexus hybrid lineup in the U.S., that currently includes the Toyota Prius and Lexus RX 400h. The Highlander Hybrid goes on sale this month, and the 2007 GS 450h is expected to be released to the public in the spring of 2006. Established in 1986, TMMK is Toyota’s largest plant in North America, employing approximately 7,000 Kentuckians. TMMK currently builds the Camry, Avalon and Solara and has the capacity to build 500,000 vehicles annually. Since its inception, TMMK has built nearly six million vehicles and invested nearly $5.3 billion in the Commonwealth. The plant has also resulted in dozens of auto suppliers locating their facilities in and around the area. “Gov. Fletcher and his team, particularly the Economic Development Cabinet under the leadership of Gene Strong, have worked closely with us on this and other projects in Kentucky,” said Dennis Cuneo, senior vice president of Toyota Motor North America. “Their participation has played a significant role in our decision to produce hybrids in Kentucky.” STATE Site Selection, a leading international economic development publication, has ranked Kentucky fourth in the nation in its 2005 Annual Competitiveness Award. The benchmark that measures state economic development agencies’ competitiveness – the most important factor in an agency’s ability to attract capital investment and expand economic activity in the state – is regarded by corporate real estate analysts as “the industry scoreboard.” Open only to state-level economic development agencies, the states were ranked based on 10 criteria for measuring business-expansion activity that took place in the previous calendar year. Categories include per capita jobs and investment numbers for 2004, the number of top metros and micropolitans in Site Selection’s 2004 rankings, rates of growth in new and expanded facilities and ranking in the annual business climate survey. An indexing system ensures that all states have the same opportunity at competing for the award. Kentucky has consistently ranked in the top 10 since the inception of the award in 2003. During 2004, 360 manufacturing and or supportive/service companies located or expanded in Kentucky, resulting in over 16,500 net new jobs created. Investment was estimated at nearly $2.3 billion, an increase of more than 50 percent over 2003. “A state finishing in the top 10 most competitive states list year after year indicates a high degree of competitiveness,” said Mark Arend, editor of Site Selection. “Kentucky economic development officials should recognize this performance as evidence of a well-managed and effective business recruitment plan.” “An environment that promotes new and expanding business is essential for Kentucky’s future,” Gov. Ernie Fletcher said. “With our JOBS for Kentucky tax modernization plan, which removes onerous taxes and lowers the corporate income tax rate, our competitiveness will improve even more in the future.” HAWESVILLE Alcoa has announced that it will close its automotive casting facility in Hawesville by the end of 2005. The shut-down will impact 158 employees. “This plant closing is not a reflection on the strong workforce we have in Hawesville. They are a talented and dedicated group,” said Allen Zwierzchowski, president – Alcoa Automotive Castings. “Unfortunately this facility is operating at less than 20 percent of its capacity. With certain program contracts winding down, the plant from a business perspective is no longer viable.” Alcoa plans to sell the facility and has committed to work with the community to attract buyers that could utilize the plant and lessen the impact of the closing. Headquartered in Farmington Hills, Mich., Alcoa Automotive Castings will continue to operate its other castings facilities in Farsund, Norway and Fruitport, Mich. Alcoa Automotive Castings supplies structural, safety-critical components for automakers worldwide. MONTICELLO
Lake Cumberland Milling’s proposed soybean extrusion mill will create a market for 250,000 bushels of soybeans for area farmers. Additionally, the availability of soybean meal in the area will save local livestock producers the transportation costs currently assessed on purchased feed. “Kentucky’s hard-working farmers depend on grants like this to bring economic development opportunities to the counties in which they live,” Gov. Ernie Fletcher said. “By helping farmers find ways to diversify their production, we can help to ensure that Kentucky’s farmers are prosperous today and for generations to come.” CARROLL COUNTY Citing the inclusion of recycling tax credits in Gov. Ernie Fletcher’s tax modernization as an important factor, officials from North American Stainless have announced plans to add a new electric arc furnace at its Ghent facility. The project represents a $50 million investment. By utilizing the existing furnace on a standby basis and replacing it with a newer, more modern furnace for primary production, the investment will allow North American Stainless to improve the recycling of scrap material and increase overall melting efficiencies. “We are very pleased the governor and the General Assembly chose to include provisions which encourage recycling in the tax modernization legislation,” said José M. Cornejo, president of North American Stainless, adding that the recycling tax credits “were important in our decision to make this investment in Kentucky.” North American Stainless, as part of the Acerinox Group, is owned by Acerinox, S.A. of Madrid, Spain and represents the largest Spanish investment in the United States. Since 1990, Acerinox has invested more than $1.3 billion in its Kentucky facility and currently employs 1,030. The Acerinox Group is the third largest stainless steel producer in the world and consists of factories and service centers across the globe. With an expected completion date of October 2006, the Ghent project will be well underway when more than 150 world leaders of the stainless steel industry, representing 21 countries, attend the 10th Annual International Stainless Steel Forum (ISSF) to be held in Kentucky in May 2006. STATE The Kentucky Agricultural Finance Corporation (KAFC) has approved two new programs to assist Kentucky farmers and agribusinesses. The Agricultural Infrastructure Loan Program (AILP) is designed to help Kentucky agricultural producers with a history of tobacco involvement finance long-term projects that will improve their financial viability. Applicants must receive at least 20 percent of their gross income from farming, and provide documentation of a recent history in tobacco involvement. (The KAFC portion of the AILP loan cannot exceed $100,000 or 50 percent of the project.) The AILP will provide assistance for the financing of buildings or structures with attached equipment for agricultural uses only. Eligible projects will include but not be limited to livestock and poultry barns, grain storage facilities, greenhouses, tobacco barns, ponds, and other projects at the discretion of the KAFC board. The KAFC has set an initial interest rate of two percent for AILP loans originating from a participating lender. The rate can be fixed for up to 10 years. The Producer Accelerated Payment Program (PAPP) is designed to offer entities marketing Kentucky-grown agricultural commodities the ability to offer advance payments of up to 75 percent of wholesale value to the producer upon delivery of their products. The program is available to any wholesale marketer of Kentucky-grown agricultural commodities. The KAFC will require the marketer to pledge their accounts receivables as security for the loan, and the funds will be managed by a third party administrator. This program will allow produce growers and other producers who normally wait 60 to 90 days for payment to get a substantial portion of their income much earlier. For more information, contact Tim Hughes, KAFC Marketing and Business Development Coordinator, at (502) 564-4627 or visit the KAFC website at http://kafc.ky.gov/. HARDIN COUNTY East Kentucky Power Cooperative (EKPC) is making preparations to build Kentucky’s newest renewable energy plant at the Pearl Hollow Landfill, located south of the Bluegrass Parkway in eastern Hardin County, near the Nelson County line. At most landfills, gas from decaying trash is emitted into the atmosphere or burned off. Tapping the methane from a landfill to produce electricity, a process that has been used in other areas of the country for years, is relatively new to Kentucky. “In addition to being an environmental asset, this plant will provide an added level of electric reliability to the area,” said Vince Heuser, vice president of System Operations at Nolin RECC. BEREA
The Ecovillage, Kentucky’s only such development, incorporates a wide range of “green design” technologies to reduce energy and water use, including passive solar gain, photovoltaic panels, super insulation, dual flush toilets, low-flow showerheads, a composting toilet and roof-top capture of rainwater. The village is already being studied by others to see how its environmentally-friendly features can be applied in their geographic areas. STATE A number of Kentucky military installations will be affected by the U.S. Department of Defense’s recent announcement to close and realign its U.S. facilities. Fort Knox will lose a total of approximately 3,000 positions as some operations are moved to Fort Benning, Ga. However, Fort Knox will also acquire a brigade combat team, a combat maneuver command center and the Army Cadet Command, which is responsible for administering the Army’s ROTC program. Fort Campbell is also being realigned and will see a net loss of some 350 jobs. Meanwhile, other Kentucky facilities are being closed altogether. The chart below outlines the status of Kentucky bases and facilities. PINEVILLE
Pointing out that large groups will not book the facility for conferences otherwise, Elledge told the Middlesboro Daily News that the matter “is not a moral issue, it is an economic issue.” If completed, the hotel would bring in approximately $267,000 in state sales tax and more than $100,000 in property taxes. According to the local report, petitions are already circulating in order to gain enough signatures for a special election on the matter. If a new ordinance allowing alcohol is passed, the development group stands prepared to move forward with its plans for the four-star hotel. The project would create approximately 165 construction jobs during the building process and some 120 hotel jobs once completed. LOUISVILLE As part of its expansion in the air freight business, UPS plans to construct five regional freight hubs at airports across the country that will support the company’s main freight hub in Louisville. UPS’ Louisville facility is home to the company’s main all-points air hub. The regional facilities, when completed and brought on line next year, will support a main freight hub to be constructed in Louisville. “UPS is accelerating its push into the domestic air freight business and this network is going to help us bring unparalleled levels of service to the marketplace,” said Mike Eskew, UPS chairman and CEO. “UPS Supply Chain Solutions arranges the movement of air freight on any available airline, but we want to make sure we also take advantage of our own vast network.” UPS anticipates spending about $24 million to build and equip the five new facilities, each of which will be constructed solely to handle freight. Operation of the regional freight hubs initially will create more than 200 new jobs. Last December, UPS acquired Menlo Worldwide Forwarding, a $1.9 billion air freight forwarder based in Redwood City, Calif. After acquiring the company, UPS announced it would build a new main freight hub in Louisville to tie the Menlo network into the UPS Airlines. LOUISVILLE Greater Louisville Inc., metro Louisville’s Chamber of Commerce, recently honored five small businesses that are making an impact on the community in a big way. OPM Services, Inc. was founded in 1992 and provides financial, accounting and management services to young, emerging, start-up and transitional companies. OPM organized the group of partners that came together to create the bCatalyst business incubator in 2001. InterSpace Computers, Inc. was founded in 1996, funded entirely by credit cards. Originally it provided replacement PC parts to individuals and businesses. Now, it serves the needs of an international customer base, providing on-site networking solutions, Internet security and system integration, as well as other IT services. Blendex Company is one of the fastest-growing custom blenders of dry ingredients for the food industry, with a product line of over 200 food products, including custom-manufactured batters, breadings, marinades, glazes, mixes and seasonings. Persimmon Ridge Golf Course, Inc. was honored with the National City Award for Woman-Owned Businesses. Persimmon Ridge, a private golf course and residential community, was founded 17 years ago. Now, with 300 home sites and more than 400 members, it is one of the more challenging and natural layouts in the region. “Although we’re a Shelby County company,” General Manager Terry Gilbert said, “we pull a lot from the Louisville area and our president, Lauren Just, does a lot for the community. She’s put her life’s work into the business.” Presnell Design Group, winner of the award for minority-owned businesses, was started in 1986 by the late David Presnell. It is a full-service, Native American engineering and architecture firm offering engineering, architecture, construction management, planning, survey and environmental services. More than 500 companies – a record – were nominated for the awards. Judges looked at factors such as a company’s product or service, challenges, strengths, business goals, fiscal performance, job growth, business practices and community involvement in determining the winners. LOUISVILLE Organizers of Louisville-Based Eclipse Bank have received approval from the Kentucky Department of Financial Institutions (KDFI) and the FDIC to make shares of Eclipse Bank stock available to the general public. The bank intends to raise a total of $12 to $15 million in equity capital and has received commitments for almost half the minimum amount from the organizing group; with the FDIC and KDFI approval, it is now permitted to raise the remaining capital through a public stock offering. John Pendergrass, Eclipse president and CEO, is optimistic that the stock will be placed quickly. “We’ve received an enthusiastic response from investors and members of the business community. The number of inquiries we have received without solicitation is very encouraging. It reflects the public’s confidence in Eclipse Bank’s organizing group and confirms our belief that a locally-owned bank will be successful.” The Eclipse Bank stock is priced at $20 a share with a $50,000 minimum purchase. LOUISVILLE ResCare Inc., already a leading provider of support services for people with disabilities and special needs, has expanded its reach even further with the acquisition of five companies. Albemarle Homecare Services Inc., of Albemarle, N.C., provides in-home personal care, nursing and daily living assistance. Annual revenues are expected to be approximately $1.6 million. ResCare’s purchase of 24 Hour Live-In Services Inc., also known as First Choice, expands ResCare’s services to the elderly into a new state. The acquisition of the Michigan-based company is expected to result in revenues of $2.1 million annually. ResCare is acquiring the operations and certain assets of Home Care-Giver Services Inc. in California, Nevada, Colorado and Illinois, providing the company with a total of 12 operations with combined revenues of $13.2 million annually. Home Care-Giver Services provides personal care, meal preparation, housekeeping and transportation to the elderly and those with disabilities. The company has also signed a definitive agreement to purchase the operations and certain assets of AmeriPsych Inc., an Arizona company that offers counseling and psychological services in seven Arizona cities. The annual revenue from the acquisition is expected to be $7 million. ResCare provides residential, therapeutic, job training, and educational support to individuals with developmental or other disabilities, youth with various special needs, as well as adults who are encountering barriers to employment. Founded in 1974, the company now offers services to some 34,000 people in 33 states, Washington, DC, Puerto Rico and Canada. LEXINGTON
The company ranked 55th on the magazine’s seventh annual Inner City 100 list, which recognizes entrepreneurial firms that are leading a “grassroots revival of America’s neighborhoods and making an impact that transcends the bottom line.” The companies recognized as Inner City 100 winners were selected from more than 7,500 nominees. In order to qualify for the 2005 list, a company must have met the following criteria: be an independent, for-profit corporation, partnership, or proprietorship (not a subsidiary or division); regulated banks, utilities, and holding companies were excluded; be headquartered in or have 51 percent or more of its physical operations in “distressed” urban (inner city) areas; have 10 or more employees in 2003; and have a five-year operating sales history that included revenues of at least $200,000 in 1999, an increase in 2003 sales over 2002 sales, and 2003 sales of at least $1 million. Eligible companies were ranked according to their five-year sales growth. The Inner City 100 is a joint initiative between Inc. magazine and the Initiative for a Competitive Inner City (ICIC). The annual list showcases thriving businesses that are creating jobs, income, and wealth for inner-city residents. LEXINGTON
One of the major applications for Semco’s products is the resurfacing work on bridges. Plasticon provides products ranging from military usages to plastic signage and office supplies. The company is currently in the process of developing products for use in traffic barriers and plastic outdoor furniture. According to Plasticon President and CEO Jim Turek, Semco has an excellent history of profitability and is seen as the new industry standard in resurfacing by distributors and construction companies. As a result, Turek explained, the acquisition gives his company a major advantage over its competition. “This deal is important to Plasticon not only in terms of the synergy of our products,’’ said Turek. “It would also have a major impact on our bottom line. Distribution centers are very interested in carrying these products. Since we just signed an exclusive contract with the largest building materials distribution company in the U.S., this acquisition would give Plasticon another innovative product line which will expand our overall market share in the construction industry. We see Semco’s product line becoming a major profit center for Plasticon.” Also boosting Plasticon’s profitability is the procurement of a new technology that is expected to increase the company’s production capacity by nearly 600 percent. “has the potential to transform our industry, in terms of cost savings, efficiencies, and the ease of use for our end users,” said Turek. LEXINGTON The Employment Guide, a weekly employment publication that provides recruiting solutions for employers seeing to fill hourly positions, has expanded its Louisville edition to include Lexington. Lexington joins a circulation area that includes 57 markets nationwide with a distribution of more than two million copies per week. “Lexington is an important market and this expansion is in response to an overwhelming demand by our advertising clients in Kentucky who wanted to capitalize on the large number of job seekers in the Lexington market,” said Richard M. Jamin, vice president/general manager of The Employment Guide. With the addition of the Lexington market, the Kentucky edition grows from covering 15 counties to 23, covering a third of Kentucky as well as parts of Indiana. The Louisville edition of The Employment Guide now has a special section for Lexington advertisers and job seekers. “Our regular Louisville advertisers will receive the benefit of reaching not only Louisville job seekers, but also those in Lexington at no additional cost,” said Dave Harmon, general sales manager for the Louisville and Lexington editions. The Lexington edition will be distributed in retail outlets, hospitals, colleges and universities, as well as on in street-side distribution boxes. For more information, call 877-912-1765, Ext. 222. or 800-871-0800, Ext. 3507. LEXINGTON Lexington’s Blue Grass Airport has been selected by the U.S. Department of Homeland Security (DHS) as one of only 12 airports nationwide to serve as a security hub for general aviation aircraft seeking to fly into Ronald Reagan Washington National Airport (DCA) in Washington, DC. General aviation at DCA was suspended immediately after the September 11, 2001 terrorist attacks. There were approximately 660 general aviation and charter flights per week into and out of DCA at the time of suspension. “This is a ringing endorsement for Lexington Blue Grass Airport,” said U.S. Representative Hal Rogers, chairman of the House Homeland Security Appropriations Subcommittee “The Department of Homeland Security clearly believes Blue Grass Airport has the right people and resources in place.” According to the Transportation Security Administration’s (TSA) new plan, general aircraft operators may only fly into DCA from 12 “gateway” airports: Seattle-Tacoma, Wash.; Boston Logan; Houston Hobby; White Plains, N.Y.; LaGuardia, N.Y.; Chicago Midway; Minneapolis/St.Paul; West Palm Beach, Fla.; San Francisco; Teterboro Airport, N.J.; Philadelphia; and Lexington. Each of the gateway airports, with the exception of Teterboro, is equipped with TSA screeners. Teterboro Airport will use screeners from Newark Airport, N.J. OHIO
The merger, which was unanimously approved by both companies’ boards of directors, will create a combined energy company with assets totaling more than $70 billion. The combined company, to be named Duke Energy Corporation, will have approximately $27 billion in annual revenues and $1.9 billion in annual net income. The combined company will have operations in two-thirds of the United States, as well as Canada and several other international locations – primarily in Latin America. INDIANA
One of only five university-affiliated pharmaceutical manufacturing centers in the nation, the Chao Center for Industrial Pharmacy & Contract Manufacturing combines the business know-how of the No. 1 ranked Purdue Research Park with the industry and educational expertise of Purdue’s highly ranked School of Pharmacy and Pharmaceutical Science. The center will assist with the development of drugs for diseases and conditions that affect the underprivileged as well as less profitable drugs that are made in small volume for the treatment of certain diseases. The first drug to come off the production line is expected to be an antibiotic that is effective for treating multiple drug-resistant tuberculosis. Under a partnership with Eli Lilly and Co., the Chao Center will produce the drug, which Lilly will distribute, and together they will help developing countries manufacture it themselves. In the long term, the Chao Center could support approximately 50 high-skills, high-wage careers,” said Joseph B. Hornett, senior vice president and treasurer of the Purdue Research Foundation.
Business Briefs ASHLAND
BETSY LANE
BOWLING GREEN
COLUMBIA
CORBIN
CRITTENDEN COUNTY
DANVILLE
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HARRODSBURG
HORSE CAVE
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TENNESSEE
WEST VIRGINIA
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Copyright 1996-2005, by Kentucky Business Online. All rights reserved. Editorial content
is copyright 2005, Lane Communications Group The Lane Report is a trademark of Lane Communications Group. All other trademarks are the property of their respective owners. |
Toyota Motor Manufacturing North America has announced that the company’s first North American gas-electric hybrid production will take place at its Georgetown, Ky., plant – Toyota Motor Manufacturing, Kentucky, Inc. (TMMK) – when production of a Camry hybrid begins in late 2006.
Alcoa officials said the decision to close the Hancock County facility was a result of excess capacity in Alcoa’s automotive castings manufacturing system. 
Lake Cumberland Milling, LLC has received $1.16 million from the state’s agricultural development fund to renovate Wayne County Feeds & Supply to include a soybean extrusion mill.
The new plant, which will produce electric power from decaying trash, joins EKPC’s three landfill gas-to-electric plants, located in Greenup, Laurel and Boone counties. 
Berea College has officially dedicated its new “Ecovillage,” an innovative development that demonstrates energy-reducing and environmentally friendly building techniques, providing a “model of sustainable living to the Appalachian region.” 
A development group has proposed the construction of a 100-room hotel and conference center to be built across from the Wasioto Winds Golf Course in Pineville. However, developer Maurice Elledge, of Elledge & Associates, says those plans hinge on whether or not the city of Pineville will permit alcoholic beverages to be sold in the hotel’s restaurant. 
The new facilities will be constructed in Ontario, Calif., Rockford, Ill., Dallas, Philadelphia, and Columbia, S.C., which already serve as regional hubs for UPS’s separate small package network, meaning UPS jets are routinely flying in and out every day. The six facilities will form the backbone of an expansive air network for the movement of heavy freight for customers of UPS Supply Chain Solutions.
OPM Services, Inc., InterSpace Computers, Inc., Blendex Company, Persimmon Ridge Golf Course, Inc. and Presnell Design Group received Inc.tank·Ogden Newell & Welch Inc.credible Awards – the top small business award given annually by Greater Louisville Inc.
The acquisition of Health Services Personnel, Inc., of Raleigh-Durham, N.C., is expected to result in annual revenues of $8.6 million. HSP provides community-based services to people with developmental, cognitive, physical and mental health disabilities.
QX.net, a Lexington-based Internet service provider, has been listed as one of the fastest-growing companies in urban America by Inc. magazine. 
Plasticon International Inc., a Lexington company that specializes in the production of industrial and commercial products made from recycled plastics, has signed a letter of intent to acquire Semco, Inc., a Nevada-based company that is a pioneer in leading edge resurfacing technology.
A merger between Cincinnati-based Cinergy and Duke Energy, of Charlotte, N.C., will create one of the largest utility companies in the Midwest. The merger agreement will serve approximately 5.4 million retail customers, including 1.5 million electric customers and some 500,000 gas consumers in Ohio, Kentucky and Indiana. 
Purdue University has teamed with Purdue Research Park on a new center that combines pharmaceutical education with manufacturing and development. 
Schmidt’s Museum of Coca-Cola Memorabilia is set to open its new expanded facility later this summer, offering nostalgia fans the opportunity to view more than 80,000 items. In addition to items such as rare vending machines and antique bottling equipment – along with bottles, glasses, and signs bearing the famous trademark - the museum will also feature special exhibits that will be rotated throughout the year. The new 24,000-sq.-ft. museum will be located right off of I-65, providing easy access for tourists. 
Toyota Motor Manufacturing of North America (TMMNA) has presented a $25,000 check to Newport Aquarium’s nonprofit arm, the WAVE Foundation, in support of the NavOps portion of the National Submarine Science Discovery Center (NSSDC). The funds will be used to subsidize Aquatic Adventures, the life science portion of the NavOps Deep Submergence™ program. The program aims to provide students with a more in-depth study of aquatic organisms as well as offering opportunities for students to develop a collaborative relationship with scientists working in the field. 
Nextel Communications Inc. has expanded its wireless network to bring its popular four-in-one services to new areas in Northern Kentucky and Southern Ohio. Nextel customers in these areas can now take advantage of the company’s digital walkie-talkie service and wireless data services, including two-way messaging, mobile e-mail and wireless Web, along with traditional digital cellular service. 
Dana Corporation is planning a $40 million expansion of its Owensboro plant to accommodate equipment and machinery to produce frames for the Toyota Tundra and Sequoia. Owensboro was selected for the expansion over several other cities, in large part due to a $150,000 training incentive provided by the local city and county governments. Though no additional jobs are expected to be generated by the expansion, the incentive agreement calls for Dana to retain its existing employee level of 320 for at least three years. 
Anita Britton, a partner in the law firm of Stoll, Keenon & Park, LLP, is the recipient of the 2005 Winner’s Circle Award, presented by the Lexington Chapter of the National Association of Women Business Owners (NAWBO). The award recognizes a Kentucky woman who has shown outstanding leadership, contributed to her community and assisted other businesswomen through personal support and mentoring. Past NAWBO recipients include Martha Layne Collins, Elaine Chao, and Phyllis George.
Toyota has announced a $120 million expansion of its engine and transmission plant in Buffalo, West Virginia, boosting employment by 150 to about 1,150. Beginning in 2007, Toyota Motor Manufacturing, West Virginia will build 240,000 additional automatic transmissions per year, bringing the plant’s total automatic transmission capacity to 600,000 units. The expansion will increase the company’s total investment in Buffalo to more than $920 million. TMMWV currently machines engines for the Corolla, Matrix, Sienna and Lexus RX330 models as well as automatic transmissions.