Business

State loan approved for Lexington high-tech firm

State officials approved a $120,000 forgivable loan last week for a high-tech company in Lexington that is planning to expand.

The state said ParaTechs, which develops technology related to insect molecular biology, is looking to leave its incubator space at the University of Kentucky for a private site. The money will be used to buy equipment for its laboratory space.

In return, ParaTechs, which has two employees, aims to hire seven more by the end of 2012. The jobs are to pay at least $55,000 a year and be maintained for three years.

The Kentucky Economic Development Finance Authority board also approved a final resolution last week to issue revenue bonds of as much as $28 million on behalf of Goodwill Industries of Kentucky. Among the uses of the bonds will be to relocate and expand offices throughout the state. Affected counties in Central and Eastern Kentucky include Fayette, Bourbon, Franklin, Pulaski and Knox.

The KEDFA board also approved the following tax incentives. In general, when a company is approved for tax incentives, it may keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal.

■ Bekaert Corp. in Shelbyville was approved for $200,000 for its plans to add an extra line at its plant that manufactures drawn steel wire. The company estimates the expansion will cost $2.08 million. It is expected to add 10 jobs that pay an average hourly wage of $25 including benefits.

■ Amneal Pharmaceuticals was approved for $2.5 million for its plans to consolidate other plants into its location in Glasgow. The company estimates the project will cost $6.61 million. It is expected to add up to 48 jobs that pay an average hourly wage of $22.65 including benefits.

■ Bremner Food Group in Caldwell County was approved for $5 million for an expansion to add new lines to its plant, which manufactures private-label cookies and crackers. The plant's products include saltines, graham crackers, fig bars and animal crackers.

The company estimates the project will cost $62.1 million. It is expected to add as many as 111 jobs that pay an average hourly wage of $15 including benefits. As a condition of the incentive, the company must maintain base employment of 646 full-time workers.

■ Senko (U.S.A.) Inc. in Winchester was approved for $250,000 for its plans to locate a distribution center there. The company estimates the project will cost $7.58 million. It is expected to add as many as 16 jobs that pay an average hourly wage of $18 including benefits.

■ Alcan Primary Products in Henderson County was approved for as much as $15 million under multiple tax incentive packages for its plans to install new equipment. The aluminum company estimates the project will cost $50 million.

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