Kentucky Dairy Product Innovations to create lactose-free skim milk
FRANKFORT, Ky. (Aug. 5, 2014) — Eastern Kentucky will soon be home to one of the most innovative dairy facilities in the world.
Gov. Steve Beshear today announced Kentucky Dairy Product Innovations (KYDPI) will open a dairy processing plant in London. The facility will develop a low-calorie, lactose-free skim milk, produced exclusively from Kentucky cows.
KYDPI will join the $1.7 billion worldwide lactose-free skim milk market. Its product will be formulated by dairies and manufacturers into new recipes to attract more health-conscious consumers.
KYDPI’s initial customer will be FIZZA, also based in London. FIZZA is a sparkling dairy nutrient beverage approved by the USDA for sale at middle and high schools across the country. This new beverage is being co-packed by the Prairie Farms Dairy of Somerset, and is being initially introduced into the retail space by Shaw’s Supermarkets of New England (80 stores), as well as into select national middle and high schools (113 schools in the U.S.) in September.
KYDPI has entered into a lease-purchase agreement to acquire a 12,000-square-foot facility in the London-Laurel County Industrial Park off Route 80. The company plans to hire up to 20 employees and invest nearly $4 million into the project. KYDPI expects to be operational by year’s end.
To encourage the investment and job creation in London, 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.
KYDPI also received financing from Kentucky Highlands Investment Corporation (KHIC). KHIC provides financial support to entrepreneurs to encourage small business growth and job creation in eastern Kentucky.
Add Comment