Cabinet for Economic Development
Governor Beshear Announces Polyair Corporation to Expand Bardstown Facility
Company plans to consolidate out-of-state operations into Bardstown plant, bringing 19 new jobs and a capital investment of more than $5.6 million
FRANKFORT, Ky. (Jan. 12, 2010) – Gov. Steve Beshear and Cabinet for Economic Development Cabinet Secretary Larry Hayes today announced new jobs are coming to Bardstown with the expansion of Polyair Corporation.
A North American manufacturer and distributor of protective packaging products and swimming pool covers, Polyair Corporation plans to consolidate its polyethylene foam production into the Bardstown plant from operations outside of Kentucky. The expansion is expected to create an initial 19 new jobs and capital investment of more than $5.6 million in the Commonwealth.
“Kentucky is pleased to welcome the 19 new jobs and added production capacity created by Polyair Corporation’s recent consolidation,” said Gov. Beshear. “The $5.6 million investment is a testament to the talented workforce in Nelson County, and will provide a significant boost to the community’s economic base. We are proud to be an ongoing partner with Polyair Corporation as it continues to grow in the Commonwealth.”
Polyair Corporation recently announced the closure of its Youngstown, Ohio, operation and said it will transition all manufacturing activity, equipment and selected personnel to Bardstown before May 1, 2010. A second phase of the capacity expansion is anticipated in 2011.
“The move will optimize foam production capacity in the near term, while building a more cost-effective model for the long term,” said Gary Tessitore, CEO of Polyair Corporation. “The Bardstown facility, which was acquired by Polyair in 1998, has been a key site of polyethylene foam production for the company over the past 11 years. This success will allow Polyair customers to continue to enjoy the high quality of products and service they have come to expect.”
The Kentucky Economic Development Finance Authority preliminarily approved Polyair Corporation for up to $750,000 under Kentucky’s new incentive program, the Kentucky Business Investment (KBI) Program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments. Polyair Corporation anticipates the initial 19 new jobs will increase to 27 new jobs over the term of the incentive agreement.
“The Polyair plant has been a part of our industrial community since 1995, and we are very pleased that they have chosen Bardstown as an expansion site,” said Nelson County Judge Executive Dean Watts. “We thank company officials for the new jobs for Nelson County.”
“Working with our existing industrial clients and helping them grow within our community is a very important part of our economic development mission,” said Bardstown Mayor Dick Heaton. “We look forward to watching Polyair continue to grow in our community and we thank the state for their efforts to help make this happen.”
A community profile for Bardstown can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=032. More information on Kentucky’s economic development efforts is available at www.ThinkKentucky.com.
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