Cabinet for Economic Development
Governor Beshear Announces Three Economic Development Projects in Henderson
One new location, two expansions lead to new and retained jobs
HENDERSON, Ky. (July 14, 2010) – Gov. Steve Beshear today visited Henderson to announce three economic development projects that will create as many as 30 new jobs, as well as retain an additional 32 jobs in the community. Accompanied by company and community leaders, Gov. Beshear revealed Legacy Plastics will relocate its manufacturing facility from Evansville, Ind. to Henderson, Ky. to accommodate the company’s growth. Additionally, Henderson-based Matrix Composites and Sunrise Tool and Die will expand their operations.
“The location of Legacy Plastics and the expansion of Matrix Composites and Sunrise Tool and Die reflect the hard work of Henderson County officials and demonstrate the confidence these companies have in the area’s workforce,” said Gov. Beshear. “Kentucky looks forward to a long and successful partnership with each of these exceptional companies.”
Legacy is a leading custom thermoplastic profile extrusion company that produces parts for GE refrigerators and display materials. The company is moving into a 25,000 square-foot facility located at 1116 5th Street in Henderson. The relocation represents a nearly $1 million investment and 20 new and relocated jobs.
Matrix Composites, a locally owned manufacturer of woven and knitted fiberglass reinforcements, has been in operation since 1993. The company’s products are used in a number of applications, including ballistic panels, marine applications, automotive, as well as construction, recreational and energy products. Matrix is currently located in a 25,000 square-foot facility in the Henderson Corporate Park, but has purchased the former 157,000 square-foot AMI Building, allowing the company to initially add 10 new jobs with a significant opportunity for more in the future. The expansion will also result in a $3.1 million capital investment.
Founded in 1989, Sunrise Tool and Die manufactures and repairs plastic molds weighing up to 10,000 pounds. The Henderson plant is currently operating at capacity, limiting the company’s ability to expand into larger markets. The company plans to invest $2.5 million in its facility, allowing it to seek additional business opportunities and maintain its existing 32 employees. The investment project will consist of increasing crane capacities from five to 15 tons, ceiling heights from 20 to 26 feet and increase floor space to meet the demand for larger capacity molds and more profitable business opportunities.
The Kentucky Economic Development Finance Authority preliminarily approved Sunrise Tool and Die for tax incentives up to $250,000 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. Without the renewed investment and state assistance, Sunrise Tool and Die would likely see a decrease in sales and would be forced to consider alternative locations.
“The mere fact that Sunrise Tool, Matrix Composites and Legacy Plastics will produce more jobs in the area is an excellent boost to our citizens,” said Sandy Lee Watkins, Henderson County Judge Executive. “Expanding businesses also play a crucial role in the business community. We must not overlook the worth of having these three companies in our region and the impact they have on the economy.”
“As part of our continued strategy to further expand businesses in the Northwest Kentucky region, our economic development efforts are focused on retaining and growing jobs, which these three companies display and are being rewarded for,” said Henderson Mayor Tom Davis.
A detailed community profile for Henderson (Henderson County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=031. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.