Cabinet for Economic Development
Governor Beshear Announces Price Solutions to Expand, Create Jobs in Greenup County
Modular security portals manufacturer to create 20 new jobs, invest over $1.7 million
FRANKFORT, Ky. (Dec. 15, 2009) – Gov. Steve Beshear and Cabinet for Economic Development Secretary Larry Hayes today announced Price Solutions LLC will expand its manufacturing operation to produce MAC Security Portals and other modular products in Greenup County. The project will create 20 new jobs and represents a more than $1.7 million investment in the Commonwealth.
“I’m pleased to welcome Price Solutions and the addition of 20 new jobs it brings to the Commonwealth,” said Gov. Beshear. “This new investment is another example of the aggressive actions my administration is taking to maintain and create jobs in Kentucky. We’ll continue to work with the Price Solutions to ensure its success and growth.”
Price Solutions is the manufacturing arm for Modular Security Systems, Inc. (MSSI) and Dropbox Inc. All three companies will jointly occupy the 45,000 square-foot former Ashland Inc. hangar at the Ashland Regional Airport in Worthington.
“On behalf of Modular Security Systems, Inc., Dropbox Inc. and Price Solutions, we want to express our sincere thanks for the tremendous support we’ve received on the state and local level,” said David Price, owner of Price Solutions. “We looked at several locations in a three-state area, but the assistance and cooperation we received from the Commonwealth of Kentucky and numerous local organizations was instrumental in making our decision to locate in Worthington, Kentucky.”
MAC Security Portals are a modular security storage system providing access control points. Price Solutions, whose products support various industries including petro chemical, industrial manufacturing and government sectors, is currently working with several nuclear facilities. The company’s first project was with the U.S. military to provide ground security after September 11, 2001.
“It was a pleasure working with Price Solutions and MSSI,” said Greenup County Judge Executive Bobby Carpenter. “They are a first-class operation, and we’re excited to have these types of manufacturing jobs in our community.”
“This project is the result of Kentucky’s favorable business climate and the team effort of many individuals and organizations,” said Jim Purgerson, president of the Ashland Alliance. “I would like to recognize the Ashland Airport Board, the city of Worthington, Judge Carpenter and the Greenup County community, the Cabinet for Economic Development, Senator Robin Webb, Representative Tanya Pullin, and our team at Ashland Alliance for their work to make this project happen.”
The Kentucky Economic Development Finance Authority preliminarily approved Price Solutions for tax benefits up to $700,000 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. The maximum annual approved amount to be earned by Price Solutions is $70,000.
A community profile for Greenup County can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=025.