Expansion to create 13 new jobs, investment of nearly $1 million
FRANKFORT, Ky. (Dec. 10, 2012) – Barnett Industries Inc., doing business as Indy Honeycomb, is expanding its northern Kentucky facility, adding 13 new, full-time jobs. The project entails an investment of $915,000 in the commonwealth.
[pullquote_left]Honeycomb is used for many military, commercial and industrial applications.[/pullquote_left]
“Indy Honeycomb’s success can be traced to their early business vision – to make a complex product simple and easy to buy. That concept clearly works,” said Gov. Steve Beshear. “Now, the commonwealth is partnering with Indy Honeycomb to see the company continue to grow and succeed, and the addition of 13 jobs and a $915,000 investment are proof of that success.”
Indy Honeycomb manufactures metal honeycomb, a product used for many military, commercial and industrial applications, including parts for aircraft engines and power generation turbines.
The company has been in business since 1996, and has been operating in its current Covington location since 1998. Indy Honeycomb currently employs 29 people at its manufacturing plant. With growing demand and exports going to 20 countries, the company plans to double production space, add office space and purchase equipment.
“Incentives like this allow our business to move more decisively and proactively,” said Indy Honeycomb President Steve Barnett. “We now have the ability to provide additional space, equipment and technology to our committed team of employees, which allows us to better serve current customers and new clients alike. Having the ability to move on this initiative now, as opposed to waiting, helps us remain on the leading edge of our niche market.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $200,000 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.
“The Indy Honeycomb expansion clearly endorses the momentum we are experiencing in northern Kentucky and our advanced manufacturing sector,” said Gary Moore, chairman of Northern Kentucky Tri-ED and Boone County judge-executive. “Our existing industry base is the foundation of our success and Indy Honeycomb’s commitment to the northern Kentucky region is exciting for all of us. We congratulate the company and look forward to winning their confidence every day.”
For more information on Indy Honeycomb, visit www.indyhoneycomb.com.