Cabinet for Economic Development
Governor Ernie Fletcher Participates in Groundbreaking for Hydro-Gear in Princeton
FRANKFORT, KY – Governor Ernie Fletcher and Cabinet for Economic Development officials were on hand today to break ground for Hydro-Gear’s new 67,500 square foot facility at the Princeton Industrial Park. The project will create 150 new jobs and represents an investment of $3 million in the commonwealth.
“I commend the cooperative efforts of Jim Moore and the Caldwell-Lyon Partnership along with Secretary Strong and his staff,” Governor Ernie Fletcher said. “Hydro-Gear’s confidence in Kentucky is a result of a solid level of trust and cooperation among state and local government and the private sector.”
Hydro-Gear is a worldwide leader in the design and manufacturing of products for the commercial and consumer lawn and garden industries. The company announced its decision earlier this month to transfer a portion of its transaxle production for the consumer lawn and garden markets from their current facility in Sullivan, Illinois to the new Princeton facility which is expected to be operational by November 2005.
“We are excited to bring Hydro-Gear to this community and look forward to a strong relationship, stated Ray Hauser, President of Hydro-Gear. “Furthermore, Hydro-Gear is eager to proceed with this project to be ready for production by the required dates. This activity will require diligent effort on behalf of all participants.”
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.