HEBRON, Ky. (Jan. 31, 2023) – Today, Gov. Andy Beshear joined leaders at Ancra Cargo, a leading designer and manufacturer of cargo securement systems for transportation, to cut the ribbon on the company’s newly renovated headquarters in Hebron. The $8 million project has created over 50 new full-time jobs, a nearly 50% increase in the company’s staff, with potential for further growth.
“The momentum in Kentucky’s manufacturing sector is continuing to grow with Ancra Cargo’s new headquarters,” said Gov. Beshear. “Ancra Cargo is doing great work in the industry and is providing quality jobs for Kentuckians. I want to congratulate the company’s leadership on their new headquarters and thank them for continuing to grow Ancra Cargo’s presence in the commonwealth and the Hebron community.”
The $8 million renovation of the 150,000-square-foot facility introduces manufacturing capabilities in addition to existing distribution operations. The renovated facility also includes assembly lines and additional office space. The space consolidates multiple manufacturing and warehousing locations under one roof and expands the company’s product development, quality control testing and marketing capabilities. The new facility contains a dedicated, multimedia resource center complete with 16 feet of planogram space, a photo lab and soundproof studio for shooting videos and broadcasting content.
“As the industry leading cargo securement company, Ancra Cargo is excited to continue our partnership with the State of Kentucky and the Northern Kentucky Tri-ED,” said Ancra Cargo President Larry Bethel. “I am especially proud of the Ancra Cargo team that created our growth through innovation, quality products and excellent customer service. Our new facility in Hebron with its expanded R&D lab, new marketing capabilities and expanded quality control department accelerates our ability to deliver technology for the safer and more efficient transportation of goods.”
Ancra Cargo was founded in 1969 with security in mind. The company began with the mission to improve safety and security in the material handling industry and originally focused on the airline industry. Company leaders quickly realized engineered products were needed in every market segment that moved quantities of cargo, and from that, created its comprehensive product lines.
The new location adds to Kentucky’s thriving manufacturing sector, which includes more than 5,000 facilities and employs over 250,000 people statewide. Administration-to-date, more than 550 new-location and expansion projects within the industry are expected to create nearly 26,000 full-time jobs with over $18.6 billion in new investments.
Boone County Judge/Executive Gary Moore is elated Boone County will continue to be the headquarters location for Ancra Cargo’s North American operations.
“I am proud Boone County continues to draw major international businesses, especially woman-owned companies like Ancra,” said Judge Moore. “We are grateful Ancra’s leaders decided to continue growing in the Northern Kentucky region.”
Northern Kentucky Tri-ED CEO Lee Crume appreciates that Ancra Cargo is bringing 50 employees to its new Hebron location, with the expectation of growth.
“We are thrilled the company will retain current local jobs and create new high-quality jobs to serve Northern Kentucky families,” said Crume. “Ancra plays a critical role in the supply chain and transportation industries in Northern Kentucky and North America.”
Ancra Cargo’s investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
Since the beginning of his administration, Gov. Beshear has announced the creation of 41,237 full-time jobs and 728 private-sector new-location and expansion projects totaling $22.89 billion in announced investments.
With the books closed on 2022, the Governor has now secured the best two-year period in state history for economic growth.
In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years.
That momentum continued strongly into 2022 with 248 new-location and expansion announcements totaling 16,000 full-time jobs behind nearly $10.5 billion in new investment.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 was $26.78 before benefits, the second-highest mark since 2010 and an 11.5% increase over the previous year.
Gov. Beshear also announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April 2022, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
Kentucky’s success has been noted by both S&P Global Ratings and Fitch Ratings, which have upgraded the state’s financial outlook to positive in recognition of the commonwealth’s surging economy. In addition, Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Gov. Beshear’s administration is projected to post the four highest years of budget surpluses in Kentucky history, and the state’s rainy-day fund has a record balance of $2.7 billion.
For more information on Ancra Cargo, visit AncraCargo.com.
A detailed community profile for Boone 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.