Gov. Beshear: Mizkan America To Expand Manufacturing Facility in Owensboro With $156 Million Investment Creating 44 Quality Jobs
Project to help company meet growing industry and customer demand
FRANKFORT, Ky. (July 25, 2024) – Today, Gov. Andy Beshear highlighted exciting news within the state’s food manufacturing sector as Mizkan America (MA), an industry-leading producer of pasta sauce and vinegar products, announced plans to expand their current facility in Owensboro with a $156 million investment creating 44 new Kentucky jobs.
“Kentucky’s manufacturing sector has always played a key role throughout the commonwealth, and the tremendous growth we are seeing within the industry is critical to our surging economy,” said Gov. Beshear. “Companies like Mizkan America continue to believe and invest in the commonwealth and its communities, offering quality jobs and opportunities for Kentuckians to provide for themselves and their families. I want to thank the company, as well as local and state officials who helped bring this investment to the Owensboro community, and I look forward to Mizkan’s continued success here in Kentucky.”
The project will see the company expand its Owensboro facilities by approximately 320,000 square feet, bringing its total operational space to over 970,000 square feet. The additional space will allow for building improvements, new machinery and equipment, IT upgrades and related assets that will help Mizkan best meet the current and future needs of its customers while maintaining its position as a market leader.
“This project, which is in its design phase and will move to board approval early next year, would become a transformational project for Mizkan America,” said Koichi Yuki, CEO of Mizkan Ameria Inc. “This new project would involve a substantial investment and demonstrates our strong commitment to fulfilling the needs of our customers in alignment with Mizkan’s two principles: to offer customers only the finest products and to continuously challenge the status quo. We are very excited about the opportunity this will afford MA to grow our business and allow us to better serve our customers. Likewise, we are extremely grateful to the Commonwealth of Kentucky for being such supportive partners in this venture.”
The Mizkan Group is a privately held, international food manufacturer, headquartered in Handa City, Japan, with a heritage that spans more than 200 years. Mizkan Group is women-owned and operated, currently by members of the eighth and ninth generations of the founding Nakano family. The Mizkan Group offers a lineup of well-known international brands under the Mizkan umbrella and is a leader in the liquid condiment category, with major operations in Japan, the United States and the United Kingdom. Mizkan America is based in Mount Prospect, Illinois, and is one of the leading makers of pasta sauce and vinegar products in the United States. Mizkan America maintains 12 manufacturing facilities that serve the retail, foodservice, specialty Asian and food ingredient trade channels. Mizkan America brands include Ragú, Bertolli, Holland House, Nakano and Mizkan. Mizkan America is also the exclusive distributor for Angostura Bitters in North America.
Daviess County Judge/Executive Charlie Castlen highlighted the job opportunities the company’s commitment will bring to the community: “Mizkan is a company that prides itself on top quality products. To have them select Owensboro/Daviess County for this $156 million investment, and more importantly, the addition of over 40 employees to their global workforce, is a win and shows Mizkan’s long-term commitment to our community. It is a recognition of the quality of employees that our citizens are known to be. I wish Mizkan every success with this expansion and the addition of their new (to us) product line.”
Owensboro Mayor Tom Watson looks forward to the future success of the company in the area: “The city appreciates Mizkan’s investment to create a new product line in Owensboro. As one of our premier long-term employers, this investment positions the company for success in Owensboro for decades to come.”
Claude Bacon, president and CEO of the Greater Owensboro Economic Development Corporation, spoke to the company’s impact on the local economy: “Working on this project with Mizkan over the last nine months has been a pleasure. Mizkan’s operation in Greater Owensboro is significant to our economy and this expansion project helps solidify the company’s presence here for the long term. We are excited they chose Owensboro for this expansion and look forward to the next steps in making it a reality. The expansion project represents not only a significant investment in our infrastructure but also a commitment to the economic vitality of our community. By creating new jobs, attracting businesses and fostering innovation, this project will pave the way for sustained growth and prosperity for all residents.”
Mizkan America’s investment and job creation build upon the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating nearly 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $950,000 in tax incentives based on the company’s investment of $156 million and annual targets of:
- Creation and maintenance of 44 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of more than $29 including benefits across those jobs.
Additionally, KEDFA approved Mizkan America for up to $1 million in tax incentives 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.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Mizkan America can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Mizkan America, visit mizkan.com.
A detailed community profile for Daviess County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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Gov. Beshear: $1.1 Million Approved To Develop Sites and Buildings, Supporting Job Growth in Rockcastle and Rowan Counties
Projects are part of Round 2 of the Kentucky Product Development Initiative
FRANKFORT, Ky. (July 25, 2024) – Today, Gov. Andy Beshear announced more than $1.1 million in state funding to support site and building development projects in Rockcastle and Rowan counties for future job growth.
The projects received approval today for state support through the Kentucky Product Development Initiative (KPDI). The Rockcastle County site is a regional project with additional support from Garrard and Lincoln counties.
“This second round of funding has been a tremendous success and is a clear indicator of Kentucky’s commitment to job growth and site and building development,” said Gov. Beshear. “Our site development and speed-to-market initiatives are crucial to the commonwealth’s long-term success in attracting quality companies to locate in our communities, bringing with them exciting new job opportunities. I am thrilled to see these projects moving forward, and I can’t wait to see the businesses they attract.”
The initiative, overseen by the Cabinet for Economic Development, provides funding for local communities to further invest in site and building upgrades to support future economic growth in the commonwealth and bring well-paying jobs to Kentuckians.
The Rockcastle County Fiscal Court, on behalf of the Rockcastle County Industrial Development Authority, will acquire land adjoining the Sparks property and complete due diligence and site preparation. This regional project has support from Garrard and Lincoln counties.
The Rowan County Fiscal Court, in partnership with the Morehead-Rowan County Industrial Development Authority, will acquire 80-acres identified by an independent site selection consultant as having the potential for future investment and industrial development.
Terri Bradshaw, president of the Kentucky Association for Economic Development (KAED), emphasized the importance of the KPDI program: “The Kentucky Product Development Initiative remains vital to the overall prosperity of Kentucky and continues to serve as yet another tool to support growth and build stronger communities. KAED is proud to be part of an initiative that helps build a more vibrant economy in these rural Kentucky regions and offers the resources and support they need to capitalize on their full potential.”
Round 1 of the program concluded in December 2023 with 53 projects statewide approved for $31.2 million in funding. Including local contributions, these projects are generating over $123 million in investments in Kentucky’s sites and buildings portfolio. And to date, Round 2 of the program has seen more than $31 million in state funding.
In December, Gov. Beshear announced 46 site and building development projects in 45 counties advanced to the due diligence stage of Round 2 for further review, with $68.8 million available to support the projects.
In January, Gov. Beshear announced the first location to receive approval in the second round of the program, with nearly $2 million allocated to support site development in Campbell County.
In February, Gov. Beshear highlighted site and building development projects across 13 counties. Over $15 million in state funding was awarded to support projects in Clark, Clinton, Graves, Green, LaRue, Laurel, Logan, Montgomery, Nelson, Pulaski, Scott, Wayne and Webster counties.
In March, the Governor recognized projects in two counties. Over $2.3 million in state support was approved for projects in Breckinridge and Pike counties.
In April, Gov. Beshear announced three site and building development projects across Fulton, Hickman and Hopkins counties were approved for nearly $2.6 million in state support.
In May, Gov. Beshear highlighted projects across five counties. Over $5.7 million in state funding was approved for projects in Clay, Garrard, Harrison, Jessamine and Woodford counties.
And in June, the Governor announced projects in two counties, with nearly $2.4 million in state funding approved for projects in Adair and Boone counties.
During the 2022 legislative session, Gov. Beshear and the Kentucky General Assembly approved $100 million in funding for the initiative.
Site and building development projects are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development. In turn, these projects will generate increased economic development opportunities and job creation for Kentucky residents. The initiative furthers the efforts of the pilot PDI program, which provided nearly $7 million in state funding for 20 site development projects statewide. Companies have announced economic development projects at 10 of the locations funded during the pilot PDI program, projecting $4 billion of capital investment and 3,500 new, full-time jobs.
Investment in site development throughout Kentucky builds on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating nearly 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
For more information on KPDI, visit kpdi.ky.gov.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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Gov. Beshear: PEAK Precision Manufacturing To Establish New Operation in Bowling Green With $3 Million Investment Creating 24 New Jobs
Location will be company’s first in the commonwealth
FRANKFORT, Ky. (July 25, 2024) – Today, Gov. Andy Beshear highlighted the continuing momentum within the state’s manufacturing industry as PEAK Precision Manufacturing, a start-up mass production and manufacturing business, will establish a new facility in Bowling Green with a $3 million investment creating 24 new, full-time, Kentucky jobs.
“The commonwealth’s manufacturing industry continues to grow at an incredible rate, leading the way for our surging economy and providing opportunities for Kentuckians in every corner of the state,” said Gov. Beshear. “PEAK Precision’s choice to locate in Bowling Green is a testament to our state’s unique resources and talented workforce. I want to thank company leadership for their belief in our great state and I look forward to PEAK Precision’s success for many years to come here in Kentucky.”
PEAK Precision’s new manufacturing facility, the company’s first operation in the commonwealth, will locate in a 21,000-square-foot leased facility at 2859 Industrial Drive in Bowling Green. The investment will see the company make building improvements and purchase new production equipment to meet business-to-business manufacturing needs in support of automotive, agricultural, defense, steel and aluminum platforms. The new facility is expected to be operational before the end of 2025.
“PEAK Precision Manufacturing is poised to be a great addition to the Bowling Green industrial community,” said Kyle Allen, president of PEAK Precision. “We are incredibly grateful for the support from both the state and local levels, helping make this initial transition seamless from the beginning. We look forward to serving industrial manufacturers both locally and globally for many years to come.”
“Our team is ready to leverage our expertise in CNC machining and mass production to meet pressing manufacturing needs within our industry,” said Steve Allen, PEAK Precision CEO. “We have been fortunate to secure initial contracts during the start-up phase, and we look forward to utilizing our outstanding leadership team to help take this company to new heights in a very short amount of time.”
PEAK Precision is a start-up mass production and manufacturing business that fabricates metal parts to service industrial sectors across the automotive, agricultural, defense, steel and aluminum platforms. With a skilled leadership team with experiences ranging from CNC machining, business ownership and mass production, PEAK Precision is poised to quickly capture the pressing need of large industrial manufacturers across the globe.
Warren County Judge/Executive Doug Gorman is excited to welcome the company to the community: “Innovation is at the heart of PEAK Precision Manufacturing, and we are thrilled to welcome them to Warren County. Their forward-thinking approach and commitment to excellence align perfectly with our vision for the community’s growth. We look forward to supporting their endeavors and celebrating their success in the years to come.”
Bowling Green Mayor Todd Alcott looks forward to the company’s future success and impact in the area: “We warmly welcome PEAK Precision Manufacturing to Bowling Green. The addition of this dynamic company highlights the ongoing expansion and economic resilience of our city. We look forward to seeing the positive impact they will have on our community.”
Ron Bunch, Bowling Green Chamber president and CEO, noted the company’s leadership and success: “We are delighted to mark the establishment of PEAK Precision Manufacturing’s facility here in Bowling Green. Steve and Kyle Allen have demonstrated outstanding leadership within our business community, and we are excited to support and contribute to their continued success.”
PEAK Precision’s investment and job creation build upon the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating nearly 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $350,000 in tax incentives based on the company’s investment of $3 million and annual targets of:
- Creation and maintenance of 24 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $27 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, PEAK Precision can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
A detailed community profile for Warren County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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Gov. Beshear: Mitsubishi Electric US To Bring 122 High-Wage Jobs With $143.5 Million Investment in Maysville
Company has operated in Mason County for nearly 20 years
FRANKFORT, Ky. (July 25, 2024) – Today, Gov. Andy Beshear announced that Mitsubishi Electric US (MEUS) will repurpose an existing manufacturing facility in Maysville to produce highly efficient heat pump compressors, which will bring 122 new full-time jobs with a $143.5 million investment.
The Cabinet for Economic Development believes this is the largest project in Mason County in 20 years.
“I had the privilege of meeting with Mitsubishi Electric’s leadership during last week’s economic development visit to Japan to discuss our longstanding partnership and how we can continue to grow together. We also discussed the unique opportunity presented by this project, and it is incredible news for the company and for the commonwealth,” said Gov. Beshear. “The establishment of this facility positions Mitsubishi Electric, a leader in all-climate heat pump systems, to take its business to the next level and emphasizes the importance of investing in companies that are committed to U.S. manufacturing. I want to congratulate the company’s leadership on their decision to reinvest in Kentucky.”
As the second-largest employer in Maysville, Mitsubishi Electric has produced automotive components in Kentucky since 1995, in tandem with a long history of training Maysville’s next generation of workers through collaborations with Morehead State University and the Maysville Community and Technical College, among others. As the automotive landscape has diversified beyond the internal combustion engine, Mitsubishi Electric has worked diligently to identify a viable alternative for this manufacturing facility and maintain its commitment to Maysville.
MEUS plans to establish the first-ever U.S. factory to build advanced twin-rotary variable capacity compressors, the key technology used in Mitsubishi Electric Trane HVAC US (METUS) highly efficient heat pump systems. A significant majority of these types of compressors are currently built in Asia.
METUS heat pumps offer precise temperature control, excel in cold climate conditions and operate efficiently to reduce carbon emissions associated with the heating of residential and commercial buildings. As the first of its kind in the United States, this investment will help grow domestic heat pump production capability necessary to meet the anticipated increased demand for these products. Further investments in renovations and facility modernizations will help reduce building emissions, improve energy efficiency and lessen environmental impact, consistent with Mitsubishi Electric’s goal of making all of its factories net-zero by 2030.
The U.S. Department of Energy (DOE) in November 2023 announced $169 million in funding for nine projects to accelerate U.S. heat pump manufacturing capability at 15 sites across the country. This project was selected by the DOE for a $50 million grant, which is pending final approval.
“Mitsubishi Electric is grateful to the Commonwealth of Kentucky for providing incentives to ensure we maintain our manufacturing presence in the Bluegrass State,” said Mike Corbo, president and CEO of Mitsubishi Electric US. “Creating technologies that support vibrant and sustainable societies is at our company’s core. This repurposed facility brings the production of compressors for our highly efficient heat pump systems here to the U.S., and with that new jobs and investments in technology that make American homes more comfortable, more sustainable and less expensive to heat and cool. This collaboration is a huge step toward many of our shared goals.”
MEUS, working with its joint venture METUS, its parent Mitsubishi Electric Corporation and affiliates (collectively, Mitsubishi Electric), is a leading designer, manufacturer and seller of advanced heat pump systems and sophisticated compressors used in residential and commercial settings around the world.
Mason County Judge/Executive Owen McNeill mentioned the work that went into securing this project: “Today’s announcement not only represents the culmination of an 18-month project supported by all levels of federal, state and local government, but also secures the next chapter for Maysville’s Mitsubishi Electric facility, ensuring this world-class Maysville workforce continues to thrive. Transitioning from a legacy Tier 1 automotive manufacturer to the United States’ preeminent highly efficient heat pump compressor manufacturer not only gives Maysville and Kentucky a huge highlight in this growing green energy technology but underscores the incredible and diverse talent these jobs and our workforce represents. I want to thank DOE Secretary Granholm, Governor Beshear and our team at Mitsubishi Electric, for their innovative thinking that has culminated in this investment.”
Maysville Mayor Debra Cotterill thanked the organizations that had a hand in the announcement: “Today’s announcement highlights the positive momentum we’re building in Maysville, Mason County and our region with high-paying, highly skilled technology jobs that will provide careers well into the future. I appreciate Mitsubishi Electric, the Beshear administration and our local economic development team for their efforts.”
Maysville-Mason County Industrial Development Authority Director Tyler McHugh congratulated MEUS on the announcement: “The Maysville-Mason County Industrial Development Authority (MMCIDA) would like to congratulate Mitsubishi Electric on the launch of their exciting new venture. Mitsubishi Electric has been a model for innovation for decades; now we look forward to seeing that continued innovation manifested right here in Maysville, Kentucky. Mitsubishi Electric and MMCIDA have been community partners for more than 20 years, and we look forward to continuing our growth together.”
Mitsubishi Electric’s investment and job generation build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating nearly 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $7 million in tax incentives based on the company’s investment of $143.5 million and annual targets of:
- Creation and maintenance of 122 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $53.32 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Mitsubishi Electric can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Mitsubishi Electric US, visit US.MitsubishiElectric.com.
A detailed community profile for Mason County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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Gov. Beshear Provides Team Kentucky Update
FRANKFORT, Ky. (July 25, 2024) – Today, Gov. Andy Beshear provided an update on economic development; the largest General Fund surplus on record; the two-year anniversary of historic flooding in Eastern Kentucky; a federal disaster declaration following Memorial Day weekend storms; the two-year anniversary of the 988 lifeline in Kentucky; and grants to support veterans. The Governor also named Kentucky State Police’s civilian employees as this week’s Team Kentucky All-Stars.
Economic Development
The Governor recapped his recent economic development trip to Japan and the Republic of Korea, where he met with leaders at existing Kentucky companies, including Akio Toyoda, chairman of Toyota Motor Corporation. The Governor met with 18 companies that provide 15,000 full-time jobs in Kentucky, with 7,000 announced new jobs on the way. The Governor also met with business leaders considering future investment in the United States.
“Japan and South Korea have been an incredibly important part of our success here in Kentucky over the last forty years, and even more so over the last four years,” said Gov. Beshear. “Not only was this trip a great way to promote continued economic development in our commonwealth, but it also provided an opportunity to continue to make good connections within the governments of these two countries and the Commonwealth of Kentucky.”
The Governor announced that Mitsubishi Electric US will repurpose an existing manufacturing facility in Maysville to produce highly efficient heat pump compressors, which will bring 122 full-time jobs with a $143.5 million investment. The Governor met with Mitsubishi Electric’s leadership during last week’s visit to Japan to discuss the company’s longstanding partnership with the commonwealth.
Gov. Beshear highlighted exciting news within the state’s food manufacturing sector as Mizkan America, an industry-leading producer of pasta sauce and vinegar products, announced plans to expand their current facility in Owensboro with a $156 million investment creating 44 new Kentucky jobs.
The Governor highlighted more momentum within the state’s manufacturing industry as PEAK Precision Manufacturing, a start-up mass production and manufacturing business, will establish a new facility in Bowling Green with a $3 million investment creating 24 full-time, Kentucky jobs.
The Governor announced more than $1.1 million in state funding to support site and building development projects in Rockcastle and Rowan counties for future job growth through the Kentucky Product Development Initiative.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating nearly 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
Largest General Fund Surplus on Record
The Governor announced that fiscal year 2024 ended with the largest General Fund surplus on record, at approximately $2 billion. This is the fourth consecutive year that the General Fund surplus has exceeded $1 billion. The entirety of the surplus will be deposited into the Budget Reserve Trust Fund, bringing its balance up to $4.5 billion.
Two-Year Anniversary of Eastern Kentucky Flooding and Upcoming Visit
The Governor provided an update on recovery and rebuilding efforts in Eastern Kentucky as we approach the two-year anniversary of the devastating floods. Progress includes:
- FEMA has approved Individual Assistance for 8,775 survivors, totaling more than $110.5 million under the Individual and Households Program.
- FEMA has provided over $84.7 million to acquire over 500 homes and help families move out of flood prone areas in five counties.
- 138 bridges have been either repaired or replaced.
- $297 million dollars have been secured in federal disaster recovery funds to help areas rebuild.
- The Team Eastern Kentucky Flood Relief Fund has raised more than $13.4 million from over 41,500 donors. The fund paid the funeral expenses of the Kentuckians we lost, provided immediate relief payments directly to individuals who suffered property damage and is now being used to rebuild and repair homes with nonprofit partners.
- The Governor has announced seven high-ground communities in four counties that will bring over 500 new homes to the area.
Friday, the Governor will travel to Floyd, Knott, Perry and Breathitt counties to commemorate the events and to share some good news on housing and progress on infrastructure.
Federal Disaster Declaration Approved Following Memorial Day Weekend Storms
After a severe weather system that ultimately took the lives of six Kentuckians moved through the commonwealth on the weekend before Memorial Day, Gov. Andy Beshear declared a state of emergency and requested a federal disaster declaration, which was approved Tuesday by President Joe Biden. The Governor requested the declaration in June, and the approval makes federal funding available to affected individuals in Butler, Caldwell, Calloway, Christian, Clay, Greenup, Hopkins, Knox, Logan, Muhlenberg, Simpson, Todd, Trigg, Warren and Whitley counties. Funding is also available to eligible local governments and certain private nonprofit organizations in 53 counties to repair or replace damaged facilities. For more information, see the full release.
Two-Year Anniversary of 988 Suicide and Crisis Lifeline
The Governor highlighted that July 16 marked the two-year anniversary of the 988 suicide and crisis lifeline in Kentucky. Since the launch of the free, confidential, 24/7 line, counselors have received over 84,000 calls, 25,000 text messages and 15,000 online chats from Kentuckians. The commonwealth has seen a 28% increase in calls routed to in-state centers since the launch, meaning that more Kentuckians are being helped by Kentuckians.
Currently, calls are answered in-state at an average rate of 23 seconds, which is 13 seconds faster than the national average. The commonwealth has a network of 13 in-state call centers and is working to add a 14th call center before the end of the year.
Veteran’s Program Trust Fund Grants
The Governor announced more than $181,500 in funding from the Veterans Program Trust Fund, will go to eight organizations supporting Kentucky veterans. For more, see the full list of awards.
Team Kentucky All-Stars
Gov. Beshear recognized Kentucky State Police’s civilian employees as this week’s Team Kentucky All-Stars. Today, Lt. Gov. Jacqueline Coleman joined the Kentucky State Police (KSP) at their annual awards ceremony to honor 15 civilian employees for their dedication to enhancing public safety during the previous year. Awards presented include the 2023 Civilian of the Year, Career Achievement, Police Communications Support and Supervisor of the Year, among others.
“KSP has 800 civilian employees that work in telecommunications, information technology, forensic testing and more. These folks embody the teamwork, strength and dedication that the Kentucky State Police is known for,” said Gov. Beshear. “Let’s thank these Team Kentucky members for going above and beyond to ensure the safety of their fellow citizens. We are proud to have you on Team Kentucky.”
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