Press Conference On New Plant
ERLANGER, KY - Executives from Newly Weds Foods joined with Gov. Steve Beshear, representatives from the Northern Kentucky Tri-County Economic Development Corp. and local officials to announce the company will open a regional food production facility.
About 115 jobs are expected to be created and the firm will be making a $57 million investment in Boone County. The plant will be firm’s 13th in US.
Newly Weds Foods purchased a 326,000 square foot facility located at 4455 Olympic Blvd. in the
Circleport Business Park, near the Cincinnati/Northern Kentucky International Airport. It joins a growing food manufacturing cluster of 15 companies in Northern Kentucky.
“Newly Weds Foods is an international manufacturer and distributor of food ingredients that are used in thousands of products consumed around the world,” Beshear says. “Soon more retail products on grocery store shelves and prepared items on restaurant menus in North America will contain ingredients made in Kentucky.”
Two production lines are expected to be up and running by end of the year with two more set to go online in 2014. The new facility will also include R&D, a team of food scientists.
To encourage the investment and job creation in Northern Kentucky, the
Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $6 million through the
Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
The company was also approved for a $500,000 sales/use tax refund through the
Kentucky Enterprise Initiative Act.
“Demand for our products is growing around the world and Northern Kentucky provides a central location with an excellent workforce and transportation system,” Newly Weds Foods president
Charles T. Angell says.
Newly Weds Foods is a private, family-owned business founded in 1932. Worldwide operations consist of 15 North American plants and 10 international production facilities including China, Thailand, Australia, the United Kingdom, Holland and the Philippines.