New, consolidated location to result in a nearly $5 million investment
FRANKFORT, Ky. (Feb. 1, 2012) – Governor Steve Beshear last week announced the power resistor company, Post Glover, will consolidate an Ohio-based and Northern Kentucky-based operation into one larger facility in the Northern Kentucky area, creating 19 new jobs in the region. The expansion will entail a nearly $5 million investment in the Commonwealth.
“Post Glover’s decision to reaffirm its commitment to the Northern Kentucky region speaks volumes about the business climate and leadership in the area,” Beshear said. “Not only will the company retain its existing workforce, but it will also add 19 new employees and a nearly $5 million capital investment in Kentucky. We look forward to continuing this successful partnership with Post Glover for years to come.”
In December 2010, Post Glover successfully merged with T&B, combining two complimentary power resistor companies. As a result of the merger, Post Glover needed to combine two facilities within a 35-minute drive from one another – one in Milford, Ohio and the other in Erlanger, Ky. After considering locations in both Ohio and Northern Kentucky, the company chose to locate the consolidated facility in unincorporated Boone County.
“Post Glover is proud of our 118-year heritage in the region,” said Richard Field, president of Post Glover. “We are pleased to remain in Northern Kentucky and excited with our continuing growth prospects for the future. We appreciate the Commonwealth’s efforts in helping us to expand in Northern Kentucky.
To encourage the investment in Northern Kentucky, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Post Glover for tax incentives up to $300,000 through the Kentucky Business Investment Program. The performance-based incentive allows the 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.
KEDFA also approved Post Glover for up to $49,000 in tax benefits through the Kentucky Enterprise Initiative Act. The incentive allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development, and electronic processing equipment.
“There is hardly a better affirmation of our community when an employer decides that it appreciates our workforce and quality of life so much that it decides to grow,” said Sen. John Schickel, of Union.
For more information on Post Glover, visit www.postglover.com.