Business

State awards tax incentives for companies including Lexington’s Coldstream Laboratories

The Kentucky Economic Development Finance Authority board approved tax incentives Thursday for companies in Lexington, Louisville and Bowling Green considering and making new investments in the state.

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

Companies approved for tax incentives on Thursday include:

▪  Coldstream Laboratories of Lexington, a subsidiary of Mumbai-based Piramal Enterprises that develops and produces injectable pharmaceuticals, $800,000 and $140,000 in incentives on a $12.8 million project to expand its manufacturing line. This would involve two new filling lines and various other pieces of equipment to improve efficiency and increase capacity.

The project would create up to 40 jobs earning an average of $28 an hour including benefits.

▪  Clariant Corp. of Louisville, which is moving production of its Ziegler-Natta catalyst from China to Louisville, $800,000 in tax incentives on a $65.4 million investment. The move would create more than 40 full-time jobs.

▪  General Motors LLC of Bowling Green, $1 million in tax incentives on a $397.6 million project to expand its factory by adding a new paint shop operation to its Corvette assembly plant.

▪ Tower Automotive Operations USA of Bardstown, which makes engineered structural metal components and assemblies for the automotive industry, $200,000 in tax incentives on a $17.8 million project for press capacity, additional storage and shipping space.

▪  Messier-Bugatti USA of Walton, which produces and refurbishes advanced carbon composite brake disks and aluminum alloy wheels and brakes for large commercial and military aircraft, $2.5 million and $1 million in tax incentives on a $150.3 million investment to meet increased demand. The project would create up to 84 jobs earning an average of $35 an hour including benefits.

▪  Precision Strip of Bowling Green, which cuts blank large coils of steel and aluminum into various widths and shapes for customers, $300,000 and $100,000 in tax incentives on a $15.5 million investment to add a second manufacturing facility in Warren County. The expansion would add up to 15 jobs earning an average of $33 an hour including benefits.

▪  Custom Resins of Henderson, which produces nylon resins for injection molding and other applications in the automotive industry, $700,000 and $200,000 in tax incentives on a $12.5 million project to expand its operation. The project would create up to 40 jobs earning an average of $17.40 an hour including benefits.

▪  BlueCotton of Bowling Green, a screen printing and embroidery business, $900,000 in tax incentives on a $5.6 million project to purchase a building and equipment to meet increased demand. The expansion would add up to 94 jobs earning an average of $15 an hour including benefits.

▪  Bluegrass Supply Chain Services of Horse Cave, which offers warehousing, quality support, light assembly and transportations management, tax incentives of $800,000 on a $8.6 million project to build a new warehousing and distribution facility. The project would create up to 37 jobs earning an average hourly wage of $28.50 an hour including benefits.

▪  Core-Mark International Inc. of Leitchfield, a large distribution facility of fresh and frozen merchandise in the convenience store market, $1.2 million in tax incentives on a $3 million project to add additional lines. The project would add up to 76 jobs earning an average hourly wage of $15 including benefits.

▪  Protech Industries of Hardinsburg, a start-up company that will assemble lida-anodes for the oil and gas industry, $450,000 in tax incentives on an $871,000 investment to build a factory. The project would create up to 20 jobs earning an average of $15 an hour including benefits.

▪  Evolent Health of Louisville, which provides health services to provider-sponsored health plan clients and is considering a Medicaid Center of Excellence in Louisville, $10 million in tax incentives on a $41.7 million investment. The project will create up to 647 jobs with an average hourly wage of $38 including benefits.

▪  FarmedHere LLC of Louisville, a vertical urban farming operation growing USDA Organic basil and leafy greens and manufacturing vinaigrette salad dressing, $400,000 in tax incentives on a $23.5 million investment to expand operations to Louisville. The expansion would create up to 40 jobs earning an average hourly wage of $18 an hour including benefits.

▪  GreenTree Forest Products of Wallingford, which operates a sawmill and pallet facility, $200,000 in tax incentives on a $2.2 million investment to purchase new equipment to increase production. The project would create up to 10 jobs with an average hourly wage of $14 an hour.

Cheryl Truman: 859-231-3202, @CherylTruman

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