Cabinet for Economic Development
Gov. Beshear Announces Newly Merged RecoverCare, LLC to Locate Corporate Headquarters in Louisville
Health care industry leader to create 57 new Kentucky jobs, invest over $4.5 million
FRANKFORT, Ky. (December 8, 2009) – Gov. Steve Beshear and Cabinet for Economic Development Secretary Larry Hayes today announced that RecoverCare, LLC has chosen Louisville as the location for the consolidated company’s new headquarters. This announcement follows the completion of a merger-of-equals transaction to combine Radnor, Pennsylvania-based RecoverCare and Louisville-based MedaSTAT in August 2009.
An initial 57 new full-time Kentucky jobs will be created as a result of the project. RecoverCare will add 14,500 square-feet to an existing 23,334 square-foot facility in Louisville.
“I’m pleased to welcome RecoverCare, an industry leader in the healthcare industry, to the Commonwealth,” said Gov. Steve Beshear. “The location of the company’s headquarters and creation of 57 new high-paying, quality jobs is a testament to the business climate and quality of life available in Louisville.”
RecoverCare, whose investment in Kentucky exceeds $4.5 million, is an industry leader specializing in providing wound care and bariatric medical equipment and solutions to long-term and acute care medical facilities.
“We commend the state of Kentucky for fostering an environment that is supportive of growing businesses,” said Mark Bidner, chief executive officer of RecoverCare. “Louisville has a growing healthcare industry and a large pool of experienced healthcare professionals to complement RecoverCares’s existing core of talented employees across the country. We are proud to be able to create new jobs and to invest in the state that we are now headquartered in.”
“We are pleased that RecoverCare has chosen Possibility City as its headquarters, bringing new jobs and new ideas in health care to Louisville,” Louisville Mayor Jerry Abramson said. “Louisville is a center for health innovations and this new corporate headquarters further cements the city’s leadership role.”
“Louisville was able to make a compelling case in attracting RecoverCare to locate its headquarters here,” said Joe Reagan, president and CEO of Greater Louisville Inc. – The Metro Chamber of Commerce. “In addition to being fertile ground for ideas and entrepreneurs, Louisville is a national center for health care and logistics innovation. RecoverCare is a business that operates in both of these industries as a high-quality supplier of medical products that distributes them to a national network of long-term care facilities and hospitals.”
The Kentucky Economic Development Finance Authority preliminarily approved RecoverCare for tax benefits up to $2,260,000 under Kentucky’s newest incentive program, the Kentucky Business Investment 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 RecoverCare is $226,000.
A community profile for Louisville can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=091.