Specialty chemical company to invest more than $108 million
FRANKFORT, Ky. (Sept. 25, 2013) – Lubrizol Advanced Materials Inc., a subsidiary of The Lubrizol Corp., plans to expand operations in Louisville, creating 25 jobs and investing more than $108 million in the project.
“Lubrizol’s $108 million investment and 25 new jobs in Louisville show the company’s commitment to achieving business success here in the Commonwealth,” said Gov. Steve Beshear. “For a company with locations all over the world, this expansion shows that Lubrizol values our state, our strategic location and our top quality workforce.”
Founded in 1928, Lubrizol has approximately 7,000 employees worldwide. The company owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world.
Lubrizol, a Berkshire Hathaway company, is a technology-driven global company that combines complex, specialty chemicals to optimize the quality, performance and value of customers’ products while reducing their environmental impact. It produces and supplies technologies to customers in the global transportation, industrial and consumer markets.
The company’s technologies include lubricant additives for engine oils, driveline and other transportation-related fluids, and industrial lubricants, as well as additives for gasoline and diesel fuel. Lubrizol also makes ingredients and additives for home care and personal care products and pharmaceuticals, as well as specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives.
To meet increasing global demand, the Louisville expansion will include the construction of a new chlorinated polyvinyl chloride resin and compounding facility at the company’s current Bells Lane location, which currently employs about 140 people.
“Lubrizol is committed to ensuring product availability and quality for our global CPVC customers,” said Sam Striegel, plant manager. “Our Louisville expansion, combined with our other CPVC expansion efforts, will further position us to meet global demand as well as better serve the needs of our existing and future customers to help them achieve their business success.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $480,000 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.
KEDFA also approved Lubrizol for tax benefits up to $740,000 through the Kentucky Enterprise Initiative Act, which 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.
“Lubrizol’s exciting expansion news is further evidence of why Forbes recently recognized Louisville as a manufacturing boom town,” said Craig Richard, president and CEO of Greater Louisville Inc. “Already a powerhouse in Louisville’s burgeoning advanced manufacturing sector, Lubrizol’s selection of Louisville for expansion is a real testament to our community resources and our strong talent pool.”
For more information on Lubrizol, visit www.lubrizol.com.