Funds to go for equipment upgrades
FRANKFORT, Ky. (Jan. 28, 2016) — GreenTree Forest Products Inc., an Appalachian hardwoods producer in Wallingford, will invest $2.2 million into its Fleming County facility and add 10 full-time jobs, Gov. Matt Bevin announced today. GreenTree currently employs 45 full-time workers.
GreenTree will use funds to purchase a seven-foot line bar resaw, a state-of-the-art 3D scanner and an optimized lineal edger, among other upgrades. The facility currently produces eight million feet of Appalachian hardwood annually. The company expects the investment will increase production by 30 percent. GreenTree also anticipates the new equipment will save the company $220,000 per year in production costs.
“We are proud to be a part of the business community not only in Kentucky, but in Fleming County as well,” said GreenTree co-owner James Wells. “A lot of blood, sweat and tears have been put in to our business. That, combined with the support of our families, it has become what it is today. It is amazing to look back and see where we started, where we have come and where we are going! This investment will prepare us for many years to come as we look toward the future.”
To encourage the investment and job growth in the community, 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 agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, GreenTree is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.