Cabinet for Economic Development
Governor Beshear Participates in Ribbon Cutting for MVR’s New Manufacturing Facility in Frankfort
Company to create 360 new jobs within two years, invest more than $9.2 million
FRANKFORT, Ky. (Aug. 18, 2010) – Gov. Steve Beshear today joined company and community officials in Frankfort for a ribbon-cutting and dedication ceremony commemorating MVR’s new manufacturing facility in Franklin County. The company announced in May its plans to invest more than $9.2 million in a new Frankfort operation and hire 360 employees within two years.
“Kentucky is proud to welcome MVR, an environmentally friendly company, to our capital city,” said Gov. Beshear. “The creation of 360 new jobs and a more than $9.2 million investment will provide a significant boost to the economy, opening up hundreds of employment opportunities for the community. We look forward to a continued partnership with MVR as they establish and grow their new facility in the Commonwealth.”
MVR makes plastic resin for sale to consumer goods manufacturers using plastic waste as raw material. The products are ultimately sold to the retailers that generate the plastic waste. For every 50 million pounds of resin processed by the company, 275,000 barrels of oil are saved when compared to new resins. The company’s new facility is located in the 215,000 square-foot former Bendix building on U.S. 421.
“We are pleased to call the Commonwealth of Kentucky and the city of Frankfort the newest home of our world-class manufacturing operation,” said Ronald Whaley, president and CEO of MVR. “We have been blown away by the outpouring of support we’ve received on all levels, from economic funding to the community’s response to our employment opportunities. We look forward to growing each one of those relationships in the many years to come.”
The Kentucky Economic Development Finance Authority preliminarily approved MVR for tax benefits up to $1 million through the Kentucky Business Investment program. The performance-based incentive can be earned over a 5-year period through corporate income tax credits and wage assessments.
A $1 million Community Development Block Grant was also approved by the Department for Local Government to assist in the project. The grant, which was awarded to the city of Frankfort on behalf of the Capital Community Economic Industrial Development Authority, will be used for the purchase of equipment and then leased to MVR.
“I am pleased that MVR has located their operations in Franklin County,” said Ted Collins, Franklin County Judge Executive. “MVR is one of the nation’s largest recyclers of plastic waste, including hangers and films. They will help improve our environment by reducing our carbon footprint and helping Franklin County go green. We are proud to welcome them to Franklin County.”
“MVR has already begun its contribution to the Frankfort community in bringing hundreds of green jobs, and we look forward to seeing the trucks lined up to take sustainable resins made in our city to product manufacturers around the nation,” said Frankfort Mayor Gippy Graham.
More information about MVR can be found at www.mvrecycling.com. A detailed community profile for Frankfort (Franklin County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=085. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.