Cabinet for Economic Development
Governor Beshear Announces Fischbach USA to Make Nearly $8.7 Million Investment in Elizabethtown Facility
Reinvestment project allows company to retain 76 employees, add new product line
FRANKFORT, Ky. (Oct. 20, 2010) – Gov. Steve Beshear today announced Fischbach USA, a world leader in supplying plastic packaging to sealant and adhesive customers, will invest nearly $8.7 million in its Elizabethtown plant. The project, which was aided by a state incentive program encouraging companies to reinvest in Kentucky facilities, will result in increased facility capacity and efficiency, allowing the company to remain competitive and maintain its 76 employees. The investment will also entail the addition of a new food packaging product line.
“Kentucky takes great pride in its ability to partner with existing industries like Fischbach to secure additional investments in Kentucky facilities and save Kentucky jobs,” said Gov. Beshear. “Fischbach’s multi-million dollar investment will not only improve efficiencies at the plant and increase capacity, but will bring in a new production line that enhances its competitiveness in the future.”
Fischbach USA, which has been located in Elizabethtown since 1992, expects the investment to be completed by January 2012. The project will also ensure the company can meet production demand without shifting considerable volume to the company’s out-of-state facilities.
“Fischbach has grown dramatically over the past decade, and we are poised for continued and sustained growth over the next 10 years as well,” said Kirk Chadwick, Fischbach general manager. “We are excited about the partnership that we have formed with the state that allows us to continue to reinvest in our Elizabethtown facility to protect existing jobs and to allow us to expand our manufacturing base by moving into new markets.”
A state incentive package for Fischbach USA was preliminarily approved by the Kentucky Economic Development Finance Authority for up to $2 million through the Kentucky Reinvestment Act. The performance-based incentive is designed to encourage job retention efforts and investments in Kentucky facilities.
“Fischbach USA has been a vital part of Hardin County’s industrial base for two decades,” said Harry Berry, Hardin County Judge Executive. “Recent improvements made to the state’s economic incentive packages have made it possible for us to assist great corporate partners like Fischbach to maintain and grow their business in Hardin County. While it is always nice to attract a new company to our community, assisting our established community partners in growing and developing their business is what sustains our economic base and provides the most long-term employment growth and opportunities. Thank you Fischbach USA for continuing to invest in Hardin County.”
“Fischbach USA has been an excellent community partner since 1993 and we are pleased to hear of the expansion of their Elizabethtown facility with new technology and equipment to compete in their changing industry,” added Elizabethtown Mayor David Willmoth.
A detailed community profile for Elizabethtown (Hardin County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=003. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.