Projects could create 300 new jobs
FRANKFORT, Ky. (May 31, 2012) — Four companies considering Louisville for expansions or new locations were preliminarily approved for economic development incentives at this morning’s meeting of the Kentucky Economic Development Finance Authority (KEDFA) in Frankfort, Ky. The projects could create 300 new jobs, $12 million in new annual payroll and $32.3 million in new investment.
“This month’s applicants demonstrate the confidence that Louisville businesses have in our community, with several companies wanting to expand their operations here, as well as companies looking at Louisville and Kentucky for the first time,” said Mayor Greg Fischer. “New jobs and investment in industries from green products to bourbon production to traditional manufacturing will be a boost for the businesses as well as Louisville residents and visitors.”
Baton LLC, a new subsidiary of Estate Products Manufacturing Group Inc. of Louisville, has created, manufactures and distributes AirStone®, an innovative and eco-friendly stone wall covering. AirStone® has the look and feel of real stone, yet is 75 percent lighter, and thus is the only stone veneer product on the market that can be adhered directly to a wall. Its light weight is because of an advanced process that actually transforms recycled synthetic particles into a lightweight hardened synthetic stone. AirStone®, along with Dyson vacuum technology, was selected as one of the most innovative new products for the home improvement market.
Because of high demand for the product, the company is considering an expansion of its current manufacturing capabilities by purchasing a building and new equipment in Louisville.
If the project moves forward, the company anticipates that within the first year of operation, it would invest a total of $5.3 million in building and capital equipment. The plans would add 160 jobs with a total payroll of $3.8 million by the fourth quarter of 2012.
Baton LLC Inc. was preliminarily approved for up to $1 million in Kentucky Business Investment (KBI) incentives over a 10-year term.
Beam has a long history in Kentucky, being the first family to produce bourbon. As part of a companywide efficiency and effectiveness initiative, Beam is considering various locations in either Kentucky or internationally for the establishment of a Global Business Services Center to support finance, accounting, human resources and other transactional business functions.
If the project moves forward, the company anticipates that within the first two years of operation, it would invest a total of $4.7 million in building materials and capital equipment. The plans would add 60 jobs with a total payroll of $5.4 million by the second quarter of 2014.
Beam Inc. was preliminary approved for up to $2 million in KBI incentives over a 10-year term.
NHK Spring Precision of America Inc.
NHK Louisville is a wholly-owned subsidiary of NHK Spring Co. LTD., a Japanese corporation. NHK Japan established NHK Louisville in April 2005, in an effort to expand its North American business and manufacturing operations.
NHK Louisville primarily manufactures and sells engine valve springs, return springs for automatic transmissions and other automobile parts to automakers in the U.S. Recently, NHK Japan was awarded a contract to provide a major U.S. automobile manufacturer with goods and services worldwide. The company is considering an expansion of its Louisville location to avoid hindering its ability to provide timely service to customers.
If the project moves forward, the company anticipates that within the first two years of operation, it would invest a total of more than $19.1 million in building materials and capital equipment. The plans would add 50 jobs with a total payroll of $1.7 million by the second quarter of 2014.
NHK Spring Precision of America Inc. was preliminarily approved for up to $1 million in KBI incentives over a 10-year term. The company was also approved for up to $100,000 through the Kentucky Enterprise Initiative Act.
XPEM Inc. started in May 2006, with the goal of helping consumers get the best information and products possible while bringing the pool and spa industry into the 21st century. The company now has a staff of 60 employees and has maintained a headquarters in Sacramento, Calif. This location has allowed it to supply distribution on the west coast combined with third-party distribution partners based in the Midwest and Northeast. XPEM has had measurable success and is looking for further ways to improve its business. The company decided that one of the biggest opportunities to achieve its goals was to handle more of its own warehousing and shipping from a second point outside of California. XPEM has narrowed its interest for this location to two states: Tennessee and Kentucky.
If Louisville is selected, the company has estimated it will invest $3.75 million in building materials and capital equipment within the first two years of operation. The location would create 30 jobs with a total payroll of $1.1 million by 2015.
XPEM Inc. was preliminarily approved for up to $500,000 in KBI incentives over a 10-year term.
The partnership between Greater Louisville Inc. – The Metro Chamber of Commerce, Louisville Metro Government and the state brings new economic opportunities to the community. Through April 2012, the innovative public-private partnership has helped 30 companies locate new operations or expand existing ones in the area. These projects have created 1,338 new jobs at an average salary of $44,184 and more than $87 million in new capital investment.
More information about the Kentucky Business Investment Act and other economic development incentive programs can be obtained at www.ThinkKentucky.com.