Cabinet for Economic Development
Governor Beshear Announces Integrated Pharmaceutical Packaging to Expand, Create 100 New Jobs in Glasgow
Project to entail a more than $5.1 million investment
GLASGOW, Ky. (Oct. 11, 2010) – Gov. Steve Beshear today joined company and community officials in Glasgow to announce Integrated Pharmaceutical Packaging will expand, creating 100 new jobs and investing more than $5.1 million in the Commonwealth. The pharmaceutical packaging company will occupy an existing 106,000 square-foot facility, located at 40 Aberdeen Drive, where it will convert bulk medication into unit of use and unit dose-sized packaging specified by its customers.
“The creation of 100 new jobs and a more than $5.1 million investment made possible by the expansion of Integrated Pharmaceutical Packaging will have a tremendous economic impact on the community,” said Gov. Beshear. “Kentucky is proud to partner with existing industries, such as Integrated Pharmaceutical Packaging to create new growth opportunities and will continue to work with them as they grow in Barren County.”
Integrated Pharmaceutical Packaging will work directly with Amneal Pharmaceuticals, which just announced an expansion in Glasgow in May. The Amneal expansion resulted in 48 new jobs and a more than $6.6 million investment.
“We are very excited to announce the expansion of our operations to the Glasgow community,” said Renard Jackson, CEO of Integrated Pharmaceutical Packaging. “The dependability, hard work ethic, and aptitude of the Kentucky people are what attracted us to expand in the Glasgow area. Support from the city of Glasgow, Barren County and the Governor has been exceptional. This new facility will not only create redundancy and backup services with our current customer base, but also bring new innovations, technology and capabilities to the whole organization.”
The state’s Cabinet for Economic Development and Department for Local Government (DLG) partnered to prepare an incentive package to encourage the company’s growth. The Kentucky Economic Development Finance Authority preliminarily approved the project for tax benefits up to $1.5 million through the Kentucky Business Investment program. The performance-based incentive can be earned over a 10-year period through corporate income tax credits and wage assessments.
A $1.1 million Community Development Block Grant (CDBG) was also approved by the DLG to assist in the project. The grant, which was awarded to the city of Glasgow and Barren County on behalf of the Glasgow Barren County Industrial Development and Economic Authority (IDEA), will be used for the purchase of equipment that will be leased to the company through a capitalized lease arrangement.
The state’s CDBG program is administered by DLG and funded through the U.S. Department of Housing and Urban Development (HUD). Kentucky’s Congressional leaders’ ongoing support of the CDBG program ensures the availability of continued funding in Kentucky and nationally.
“Through its expansion and creation of jobs, Integrated Pharmaceutical Packaging is making a significant investment in the community,” said Rep. Johnny Bell, of Glasgow. “I would like to thank Gov. Beshear for helping secure this business for Glasgow.”
“Barren County welcomes Integrated Pharmaceutical Packaging to our industrial community, and we look forward to working with them to secure economic opportunities and provide additional job opportunities for our citizens,” said Davie D. Greer, Barren County Judge Executive. “We anticipate a very cooperative and supportive business relationship with Integrated Pharmaceutical Packaging for many years to come.”
“We are very excited that a quality organization like Integrated Pharmaceutical has decided to make such a significant investment within our community,” said Glasgow Mayor Darrell Pickett. “The creation of 100 new jobs will definitely have a positive impact on our local economy. I would like to thank Gov. Beshear and his staff from the Cabinet for Economic Development and the Department for Local Government, for bringing growth and future prosperity to our community.”
A detailed community profile for Glasgow (Barren County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=062. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.