October 9, 2020
Rural Projects, Company Helping Fight COVID Highlight September Growth in Kentucky
A number of job-creating projects across the state took a step forward in the month of September, with Gov. Andy Beshear announcing three projects combining for more than 200 expected new jobs and approximately $25 million in planned investment.
Of the continued economic development announcements, Gov. Beshear said, "It shows that we are continuing to make sure that we are attracting the types of jobs here in Kentucky that we truly need to compete in the next 10, 20, even 30 years."
One project, Summit Biosciences, received final approval for incentives at the Kentucky Economic Development Finance Authority's (KEDFA) July meeting, while two projects received preliminary approval for performance-based incentives during the September meeting.
- Summit Biosciences is nearing completion of its expansion in Lexington. Based at the University of Kentucky Coldstream Research Campus, Summit is investing more than $19 million for the creation of up to 78 full-time jobs. The expansion will allow the company to develop nasal spray medicine, which includes fulfilling a contract with a Seattle-based pharmaceutical company to develop a medicine to prevent and/or mitigate a Covid-19 infection.
- Chapin International plans to locate in a former manufacturing facility in Rockcastle County with a nearly $5.5 million investment expected to create up to 100 full-time jobs. Local and state economic development teams were able to help the company find a suitable home in less than two weeks, showcasing the commonwealth's ability and willingness to help businesses make timely decisions and quickly begin production. Chapin, based in New York, manufactures metal compressed air sprayers, and the Mount Vernon location will allow the company to better serve customers throughout the U.S.
- Busche Industries, doing business as Xtreme Fabrication, is expected to expand its Leitchfield facility with a $450,000 investment that would create 25 high-paying jobs. The company, established in Grayson County in 2007, is a metal fabricator and machine shop producing specialty parts for manufacturers throughout the nation. The project will nearly double employment at the facility, which currently operates with a staff of 30.
In total, nine companies received preliminary approval from KEDFA for incentives during the September meeting, with the potential for $168 million in future investment and nearly 260 new jobs.
Since Gov. Beshear took office last December, the state has seen 166 new-business-location and existing-facility-expansion announcements totaling nearly $1.8 billion in planned investment, which plan to create more than 6,800 new full-time jobs.