Will add 3,700 s.f. of laboratory space, invest $1.6 million
LEXINGTON, Ky. (Oct. 3, 2012) – Gov. Steve Beshear today joined local and company officials in Lexington to announce an expansion for Allylix Inc. The renewable chemicals company plans to add 14 full-time jobs, invest more than $1.6 million and add 3,700 s.f. of laboratory space at the University of Kentucky’s Coldstream Research Campus.
“Allylix is developing new technologies that can change industries, and that type of innovation is exactly what we embrace here in the commonwealth,” Beshear said. “We’re thrilled at how successful this partnership has been and that Allyix is adding new jobs and expanding its research capabilities in Lexington to support its commercial products worldwide.”
Allylix develops products for the flavor and fragrance, food ingredient, cosmetic chemicals, insect repellent and biofuel markets.
The company controls intellectual property with 62 issued patents and multiple U.S. and foreign applications. Allylix’s platform technology allows it to engineer yeast strains that, through proprietary fermentation processes, produce a wide range of specialty chemical products.
“Kentucky has been a terrific place to grow a company,” said Carolyn Fritz, CEO of Allylix. “In Lexington, we have had access to a highly educated workforce, top-notch facilities and funding; all in a region with a great quality of life for our employees.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $300,000 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.
“Congratulations, Allylix, for finding a recipe for success in a tough, competitive industry by producing aromas and flavors that thus far only nature has been able to make,” said Lexington Mayor Jim Gray. “This company is another example of UK brainpower producing good jobs. We’re glad you’re here and we look forward to continued growth.”