CYNTHIANA, Ky. (April 22, 2010) -- Gov. Steve Beshear today joined community and company officials at the Cynthiana 3M plant to announce the company will invest $4.2 million in new equipment, allowing 3M to bring in new products and retain its more than 500 current employees. 3M has also indicated that the new equipment could position the plant for future packaging opportunities that would lead to additional jobs.
“Kentucky is proud to be the home of an internationally known company like 3M, a company whose products have become a part of our everyday lives at home and work,” said Gov. Beshear. “The Commonwealth is pleased to partner with 3M to make this multi-million dollar investment possible, one that not only retains more than 500 Kentucky jobs, but creates future opportunities for new jobs.”
A diversified global manufacturer and marketer of a wide variety of products, 3M’s Cynthiana plant manufactures Post-it™ Notes, Post-it™ Easel Pads and Scotch™ Packaging Tapes to support 3M’s global markets. The reinvestment project will enable 3M to remain competitive by improving cycle time, reducing inventories and better controlling costs.
“We are very pleased that the Kentucky Legislature and Gov. Beshear supported the passage of the Kentucky Reinvestment Act, which will help us bring this new investment into 3M Cynthiana,” said Ann Getting, 3M Cynthiana Plant Manager. “We have been here over 40 years, and this bill helps us keep manufacturing jobs in Kentucky. We have an excellent work force. We appreciate our employees' efforts to help 3M be competitive in a global economy. On behalf of our more than 500 employees, I thank you for supporting us in this endeavor.”
The Kentucky Economic Development Finance Authority preliminarily approved 3M Company for tax incentives up to $2.5 million through the Kentucky Reinvestment Act, a program that was expanded in the Governor’s Incentives for a New Kentucky bill last summer to assist companies that need to make significant capital investment in Kentucky facilities in order to remain competitive.
“Harrison County is very excited about 3M’s new investment in their facility in Cynthiana,” said Harrison County Judge Executive Alex Barnett. “This growth opportunity validates 3M’s faith in our citizens and that Kentucky can compete in a world market for good manufacturing jobs. We’ll continue to work with local management to make their investment in our community a success. It’s a pleasure to have such an admired employer in Harrison County and we look forward to continuing our strong partnership.”
“Cynthiana is thrilled that a new manufacturing process is arriving at its 3M plant,” said Cynthiana Mayor John M. Keith Jr. “It is anticipated that this new process will be another opportunity for further development of what has been a great partnership of city and industry for the betterment of both and expanded development of 3M, a truly outstanding corporate citizen.”
“The 135 jobs that Worldcolor is creating with this expansion will have a profound effect on the economy of our city,” said Franklin Mayor Herbert Williams. “Franklin is very fortunate to have this outstanding industry as a part of our community.”
A detailed community profile for Cynthiana (Harrison County) can be viewed at http://www.thinkkentucky.com/edis/cmnty/index.aspx?cw=046. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.
The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2008 totaled nearly $1.7 billion with the creation of more than 7,750 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.