Image via Wikipedia
Gov. Steve Beshear today joined community leaders and company executives from Ventra Plastics Russellville to announce the company will expand its Logan County facility. Established in 1992, the injection molding manufacturer will add 25 employees to its current employment base of 230 people and invest nearly $3.4 million.
“Once again, Kentucky is seeing the ripple effect of economic development with the expansion of Ventra Plastics in Logan County,” said Gov. Beshear. “Thanks to the launch of the next generation Ford Escape at the Louisville Assembly Plant, Kentucky automotive suppliers like Ventra Plastics Russellville can also grow, creating new jobs and investment in the state. The Commonwealth is happy to play a role in supporting this economic growth.”
Ventra Plastics produces interior and exterior parts for the automotive industry, including accelerator pedal stops, fenders, front grill covers, tailgate liners and more. The expansion will entail replacing equipment, increasing efficiencies of existing equipment, as well as adding new technology to enhance production processes. The project will accommodate new business growth from existing customers both in Kentucky and out of state. Ventra Plastics’ customer base includes Ford, Toyota, Honda, Chevy and other original equipment manufacturers.
“I’m pleased Ventra Plastics Russellville is once again able to grow in Logan County,” said Ron Barbe, general manager of Ventra Plastics. “In 1992, when looking for an area to build an auto parts manufacturing plant, the Logan County Chamber and Kentucky state government showed great support. In 2011, with the continued support of the state and the Logan Economic Alliance for Development, we are growing our business with the launch of the brand new Ford Escape to be built at the Louisville Assembly Plant. We cannot brag enough about our great workforce, whose hard work and dedication has enabled us to compete globally for business. We look forward to an ongoing partnership with local and state officials that will help Ventra Plastics continue to grow and prosper.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Ventra Plastics Russellville for tax incentives up to $500,000 through the Kentucky Business Investment program. The performance-based incentive will allow Ventra Plastics to keep a portion of its investment over a 10-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved the company for tax benefits up to $60,960 through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development, and electronic processing equipment.
“This is an exciting announcement for Logan County and the surrounding area,” said Sen. Joey Pendleton of Hopkinsville. “Ventra Plastics is a great corporate neighbor and, on behalf of our community, I appreciate Governor Beshear taking the lead to support Ventra Plastics employees and its families. This is an investment in economic development in our area. The additional jobs that will be created will provide new opportunities for our workforce.”
“We are blessed to have Ventra Plastics as a part of the Logan County business community,” said Rep. Martha Jane King of Lewisburg. “Their initiative to take advantage of House Bill 3 will create new jobs and help our county. I was proud to be a co-sponsor of this bill, which gives established businesses a tax incentive to reinvest, enabling them to expand and offer more jobs for our hard-working citizens. During these difficult economic times, it is heartening to see good legislation passed in Frankfort at work back home. Congratulations, Ventra Plastics, and thank you for your continued support and contributions to Logan County.”
“I am very excited about Ventra Plastics making the decision to expand their operations here in Logan County,” said Logan Chick, Logan County Judge Executive. “Ventra Plastics has been a great fit for our community with their leadership and involvement.”
“The city of Russellville would like to congratulate Ventra Plastics on its upcoming expansion project,” added Russellville Mayor Mark Stratton. “It is a privilege for our city to be the selection site of this economic growth.”
For more information on Ventra Plastics Russellville, visit www.flex-n-gate.com/cd/plastics.html.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.
A detailed community profile for Russellville (Logan County) can be viewed at www.thinkkentucky.com/edis/cmnty/index.aspx?cw=021.
The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2009 totaled nearly $ 977 million with the creation of more than 6,600 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.
