Cabinet for Economic Development
GOVERNOR ERNIE FLETCHER ANNOUNCES HYDRO-GEAR TO LOCATE IN PRINCETON
FRANKFORT, KY – Governor Ernie Fletcher and Cabinet for Economic Development Secretary Gene Strong announced today that Hydro-Gear, a worldwide leader in the design and manufacturing of products for the commercial and consumer lawn and garden industries, will locate in Caldwell County. The project will create 150 new jobs and represents an investment of $3 million in the commonwealth.
“I’m pleased Hydro-Gear has chosen to make Kentucky its new home, and I commend the city of Princeton for its work in bringing this company to the commonwealth,” Governor Fletcher said. “Kentucky continues to be recognized as a national leader in its ability to compete for new location and expansion projects and Hydro-Gear’s commitment to bring 150 jobs to the state is indicative of that success.”
The company plans to acquire a 67,500 square foot building on approximately 30 acres in the Princeton Industrial Park. Hydro-Gear will transfer a portion of its transaxle production for the consumer lawn and garden markets from its current facility in Sullivan, IL. The Princeton facility is expected to be operational by November 2005.
“Hydro-Gear is excited about the selection of Princeton for its production expansion,” said Ray Hauser, president of Hydro-Gear. “We chose Princeton for its strategic location and the community’s strong work ethic. We believe the workforce in the Princeton area has the desire to rise to today’s manufacturing challenges and can meet the high demand for our transaxle products.”
“We have a very aggressive startup schedule, but it is the first of many important milestones in making the Princeton operation a long-term success,” added Hydro-Gear’s Vice President of Operations Mike Todd.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Hydro-Gear for tax benefits up to $3 million under the Kentucky Industrial Development Act (KIDA), an incentive program aimed at increasing manufacturing employment in the commonwealth. A community profile for Caldwell County can be found at the following link: http://www.thinkkentucky.com/edis/cmnty/cw127/Location.htm.
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 2004 totaled nearly $2.3 billion with the creation of just over 16,500 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.