Cabinet for Economic Development
Governor Beshear Announces Major Investment by Corning in Harrodsburg
Company to expand production, create 80 new jobs, add R&D capabilities and invest more than $186 million in the Commonwealth
FRANKFORT, Ky. (August 3, 2010) – Gov. Steve Beshear today announced a major expansion by Corning Incorporated (NYSE: GLW) in Harrodsburg, Ky. Corning, a world leader in specialty glass and ceramics, plans to invest more than $186 million to expand its Harrodsburg operation, creating 80 new full-time jobs. The company currently employs several hundred people in Harrodsburg.
“Corning is a longstanding, vibrant corporate citizen of Kentucky and we are extremely pleased to partner with them on this more than $186 million investment,” said Gov. Beshear. “As a result of this significant expansion, 80 new jobs will be created, production capacity will be increased and the Harrodsburg plant will gain valuable R&D capabilities. This is a win-win development for everyone.”
The Harrodsburg plant, which was established in 1952, is increasing its production capacity to accommodate the demand for its thin, durable, highly scratch resistant cover glass used in portable and handheld electronic devices. Additionally, Corning will add research and development capability to explore the parameters and processes in manufacturing microsheet, an extremely thin, flexible glass to be used in next-generation electronic devices.
“The Harrodsburg glass facility is the epicenter of Corning’s surging Gorilla® glass business,” said James B. Flaws, Corning’s vice chairman and chief financial officer. “We believe Gorilla glass sales will exceed $250 million this year and we are making major investments to expand our production and research and development efforts for this business. We are extremely pleased that Gov. Beshear and the state of Kentucky have partnered with Corning to assure the continued viability of Corning’s Harrodsburg manufacturing operations.”
The multi-million expansion project was aided by an attractive incentive package approved by the Kentucky Economic Development Finance Authority (KEDFA). KEDFA preliminarily approved Corning for tax incentive benefits up to $4.5 million through the Kentucky Business Investment (KBI) program. KBI incentives can be earned over a 10-year period through corporate income tax credits and wage assessments.
Additionally, KEDFA approved Corning for up to $1 million through the Kentucky Enterprise Initiative Act (KEIA), a program that allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
“We are very pleased about Corning’s plans to make such a significant financial investment at their Harrodsburg plant,” said Mercer County Judge Executive Milward Dedman. “Mercer County has been truly fortunate to have had Corning as an outstanding corporate citizen for almost six decades and we want to do anything we can to support growth by bringing these new 21st Century products into our economy. It’s been a pleasure to work with them on this project.”
“Corning is the type of company everyone would be proud to have in their community,” added Harrodsburg Mayor Lonnie Campbell. “They’ve been an outstanding employer for our citizens and it’s exciting that 80 high-quality jobs are being added.”
A detailed community profile for Harrodsburg (Mercer County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=068. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.