State tax incentives approved include low-calorie lactose-free milk product

ctruman@herald-leader.comAugust 1, 2014 

The Kentucky Economic Development Finance Authority on Thursday approved tax incentives for several companies planning expansions or investments in the state, including Kentucky Dairy Innovations, U.S. Chita Co. and Hendrickson USA.

The approval of tax incentives outlines the state's commitment to a project should it occur in Kentucky.

In general, when a company accepts the tax incentive, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal. Projects receiving approval from the KEDFA board Thursday for tax incentives include:

■ Kentucky Dairy Product Innovations of London, which removes milk sugar (lactose) from cow's milk, $200,000 in tax incentives for a $3.9 investment to produce a low-calorie lactose-free milk product. The project would create up to 16 jobs with an average salary of $15 including benefits.

■ INOAC North America in Springfield, which makes polyurethane, plastic and rubber products for the auto industry, $2.5 million and $40,000 in incentives on a $14.1 million project to expand and buy new equipment. The project would add up to 86 jobs making $20 an hour including benefits.

■ Katayama American Company Inc., which makes door sash assemblies and trim for various auto manufacturers, $240,000 and $200,000 in incentives for a $16.8 million project to add 90,000 square feet to its building and for the purchase of new equipment. The project would add up to 12 jobs making an average of $18 an hour including benefits.

■ PDCI Automotive of Lebanon, which makes gaskets, seals and other trim components for automotive and transportation industries, $1.5 million and $90.000 in incentives on a $3.1 million project to buy land for a new building and expansion. The project would add up to 55 jobs making $18 an hour including benefits.

■ U.S. Chita Co. of Lebanon, which makes coiled springs and valves, $250,000 and $30,000 in incentives on a $21.6 million project to expand its building and purchase equipment. The project would add up to 10 jobs making $16 an hour including benefits.

■ Zotefoams of Walton, which works in cellular material technology, $600,000 and $100,000 in incentives on a $21.6 million expansion project. The project would add up to 10 jobs making up to $33 an hour including benefits.

■ Green Tokai Limited in Maysville, which makes rubber and plastic extruded and injection molded parts for the auto industry, $500,000 and $30,000 in tax incentives on a $4.3 million expansion. The expansion would add up to 24 jobs making an average of $18 an hour including benefits.

■ Angell-Demmel Corp. in Lebanon, which makes stamping and decoration components of aluminum for the automotive industry, $500,000 on a $1.5 million investment in new equipment to decorate and stamp aluminum for Mercedes Benz, BMW, Lexus and Chevrolet. The expansion would add up to 26 jobs making $20 an hour including benefits.

■ Strong Tower Construction of Louisville dba Koch Corp., a family-owned specialty contractor working in exterior renovation and security systems, $250,000 in incentives on a $1.8 million project to relocate and expand. The project would create up to 15 jobs making an average of $22 an hour including benefits.

■ Summit Polymers of Elizabethtown, a supplier to the auto industry, $200,000 in incentives on a $4.1 million expansion project. The expansion would generate up to 12 jobs with an average wage of $13 including benefits.

■ Skilcraft of Boone County, which works in custom metal fabrication, $600,000 in tax incentives on a $5.7 million. The project would create up to 33 jobs making an average of $25 an hour including benefits.

■ Hendrickson USA of Lebanon, which makes heavy duty and trailer suspensions and related components, $1.5 million in tax incentives on an $11.9 million project for expansion and new equipment. The project would add up to 60 jobs making an average of $21 an hour including benefits.

■ Century Aluminum Sebree of Robards, an aluminum smelter, $750,000 in tax incentives on a $2.2 million expansion project. The project would generate up to 45 jobs making an average of $33 an hour including benefits.

■ Kentucky Dairy Product Innovations of London, which removes milk sugar (lactose) from cow's milk, $200,000 in tax incentives for a $3.9 investment to produce a low-calorie lactose-free milk product. The project would create up to 16 jobs with an average salary of $15 including benefits.

Cheryl Truman: (859)231-3202. Twitter: @CherylTruman

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