Renowned jewelry-maker expands less than two years after first opening in Kentucky
LEXINGTON, Ky. (April 25, 2013) –Tiffany & Co. is expanding its manufacturing operations in Lexington, creating 75 new, full-time jobs and investing $2 million. The expansion comes less than two years after the company’s grand opening in Lexington.
“Beauty and grace are two words that come to mind with Tiffany & Co., but growth and success are evident here, with 75 new jobs and a multi-million-dollar investment,” said Gov. Steve Beshear at a ceremony Thursday morning. “There are few companies in the world that can boast the type of brand recognition that Tiffany & Co. enjoys, and we are proud to have its magnificent products crafted right here in the commonwealth.”
Tiffany first broke ground on the 25,000-s.f. jewelry manufacturing facility in November 2010, and conducted a grand opening in September 2011. Located on four acres in the Blue Grass Business Park, the facility currently employs 125 people and produces a variety of the highest quality jewelry, including many of Tiffany’s diamond engagement and other fine jewelry pieces sold in Tiffany stores around the world.
“Without any doubt, we made the right decision to build our facility at the Blue Grass Business Park, where we now boast a workforce of 125 highly valued employees,” said John Petterson, Tiffany’s senior vice president of operations and manufacturing. “Now we’re ready to capitalize on our achievements, which is truly gratifying and a tribute to the city of Lexington and the commonwealth of Kentucky, our partners in creating a world-class jewelry manufacturing center that meets Tiffany’s standards of quality and craftsmanship.”
Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific, Japan and Europe and engages in direct selling through Internet, catalog and business gift operations.
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.5 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.
“We’ve had a great couple of weeks in terms of good new jobs coming into our city,” said Lexington Mayor Jim Gray. “Today we’re announcing the expansion of a firm that defines excellence: Tiffany & Co., with 75 additional jobs. Last week we cut ribbons to open new facilities for an international law firm, Bingham McCutchen, with 250 jobs; we opened downtown laboratories for Transposagen, 15 new biotech jobs; and Toyota announced the addition of a new production line, 750 new jobs. Also, the start of construction on 21c Museum Hotel, with 150 new jobs, is forthcoming. Lexington is the place to be for business.”
For more information on Tiffany & Co., visit www.tiffany.com.