Business

State approves tax incentives for companies in Lexington, Georgetown, Danville

The Kentucky Economic Development Finance Authority approved tax incentives Thursday for companies including Clark Material Handling of Lexington, Toyota Tsushu of Georgetown and TransNav Technologies of Danville.

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

The following projects received approval from the KEDFA board:

▪  Clark Material Handling Co. of Lexington, a material handling and material handling truck company, $400,000 on a $4.8 million investment to move two product lines from Mexico to Lexington. The project is expected to create as many as 30 jobs with an average hourly wage of $27 an hour, including benefits.

▪  Toyota Tsusho America of Georgetown, $600,000 and $300,000 in tax incentives on a $25.6 million investment to expand its current plant in Georgetown by increasing capacity, buying new equipment and expanding its product range.

The company works in steel and non-ferrous products and in waste management, recycling, transportation, warehousing and logistical management. The expansion would create as many as 44 jobs with an average hourly wage of $23, including benefits.

▪  TransNav Technologies of Danville, $600,000 and $150,000 on a $7 million project including the purchase of land adjacent to its current operations in Danville for an expansion.

TransNav provides multilevel support services including design and build, prototypes, tooling, injection molding and laser die cutting. The project would create as many as 30 jobs with an average hourly wage of $16, including benefits.

▪  Atlas Development Group of Elizabethtown in Hardin County, $40,000 in tax incentives on a $855,000 investment in a manufacturing building. Atlas was formed in January by a group of professional engineers in the small-arms industry.

▪  Kentuckiana Curb Co. of Louisville, a manufacturer of HVAC units, roof curbs and other sheet-metal products, $50,000 in tax incentives on a $3.5 million investment for an expansion.

▪  Fritz Winter of Franklin in Simpson County, $5 million and $690,000 in tax incentives on a $193.7 million project to establish a foundry in Franklin. The company specializes in cast-iron auto parts including brake rotors, drums and fly wheels. The project is expected to create as many as 265 jobs with an average hourly wage of $22, including benefits.

▪  El Toro of Louisville, a developer of technology for delivering digital ads on the Internet, $1 million in tax incentives on a $2.1 million project to expand its headquarters. The project would create as many as 60 jobs earnings an averagely hourly wage of $35, including benefits.

▪  Hema Biologics of Louisville, $700,000 in tax incentives on a $1.1 million project to locate in a new building. US WorldMeds Ventures, an affiliate of Hema, is in a joint venture to create a new specialty pharmaceutical company to develop and commercialize pharmaceutical, biological and medical devices. The project will consist of a service and technology/headquarters center in Louisville.

The project would create as many as 30 jobs with an average hourly wage of $53, including benefits.

▪ UHV Technologies Inc. doing business as nanoRANCH in Lexington, $600,000 in tax incentives on a $700,000 project to move its headquarters and service and technology operations to Lexington. The company has been in business for 20 years, specializing in high-technology research and development, including automotive scrap aluminum alloy sorters, continuous mercury emissions monitors for coal power plants, and metal contamination monitors for the pharmaceutical industry.

The project would add as many as 35 jobs at an average hourly wage of $26, including benefits.

▪ Quad/Graphics Inc. of Versailles, $400,000 in tax incentives on a $2.5 million project to expand existing operations with new equipment. The company is a global provider of print and media solutions. The project would add as many as 20 jobs with an average hourly wage of $18, including benefits.

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