Cabinet for Economic Development
Gov. Beshear Announces NitraCore to Establish Headquarters and Manufacturing Operation in Lyon County
Manufacturer of hypo-allergenic wetsuits and water sports gear to create 10 jobs
FRANKFORT Ky. (Oct. 15, 2012) – Governor Steve Beshear today announced NitraCore LLC plans to establish a headquarters and a manufacturing operation in a 7,000-square-foot facility in Lyon County, creating 10 jobs and investing more than $260,000 in the Commonwealth.
“We welcome NitraCore to Lyon County and are excited this partnership can help create 10 jobs and bring a $260,000 investment in the Commonwealth,” said Gov. Beshear. “This sends a clear message that Kentucky is a perfect location to do business, and we look forward to a long and successful relationship.”
NitraCore manufactures and distributes hypo-allergenic wetsuits, water sports insulation gear and high performance rubber products. The company is a consolidation of several existing California-based companies and product lines.
“We look forward to starting up our new company here in Western Kentucky,” said NitraCore President Randy Reed. “The business environment in Lyon County has proven to be favorable, with an abundance of qualified human resources, affordable manufacturing space and outstanding support from local government representatives. We look forward to a long and prosperous relationship with Lyon County and the Commonwealth of Kentucky.”
To encourage the investment and job creation in Eddyville, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $145,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“I am always pleased to welcome a company to our area, but NitraCore is particularly special because of its entrepreneurial spirit,” said Sen. Ken Winters, of Murray. “I know that there will be synergy established between the employer and our hard-working people.”
“This is great news for Lyon County and especially for those families who will benefit from these much-needed jobs,” said Rep. Will Coursey, of Symsonia. “I want to thank NitraCore for making the decision to invest here, and I have no doubt that the company will find our community ideal for their business needs. I also appreciate the hard work by our state and local officials in working together to help make this happen.”
“It’s another great day in Lyon County as we announce the creation of more jobs in the community,” said Lyon County Judge-Executive Wade White. “We welcome NitraCore to our county and look forward to our relationship with them as they grow and prosper. I have been so happy to work with Randy Reed over the past few months as he has developed and planned his new business, and we are very excited he has chosen Lyon County as his home base for this operation.”
For more information on NitraCore, visit www.nitracore.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Eddyville (Lyon County) can be viewed at http://www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=127.