Kentucky Incentives Preserve 460 Jobs in Franklin, KY
Gov. Steve Beshear and Economic Development Cabinet Secretary Larry Hayes have announced the retention of 460 jobs at Berry Plastics in Franklin.
The company, which manufactures duct tape, automotive tape and other related tape products, will invest approximately $20 million in equipment and building improvements at its Franklin facility to increase efficiency.
“Our ability to aggressively assist existing Kentucky industries in their job retention and retooling efforts is evident by Berry Plastics’ decision to further invest in its Franklin facility,” said Gov. Beshear. “I’m pleased to be part of the announcement and want to commend the workforce and community leaders of Simpson County on their continued hard work and economic development efforts.”
KEDFA Assists in Job Creation
In an effort to retain hundreds of existing jobs in the Commonwealth, the Kentucky Economic Development Finance Authority preliminarily approved Berry Plastics’ parent company, Covalence Specialty Adhesives LLC, for $10 million in tax incentives under the Kentucky Industrial Revitalization Act (KIRA).
“The plant has been a key contributor to the economy of Franklin since 1957,” said Ira G. Boots, chairman and CEO of Berry Plastics. “The continued success of the facility is reflected not only in its strong leadership and management, but it is also enhanced because of the excellent resources provided by the state to keep businesses strong. Gov. Steve Beshear has been instrumental in his support and made the decision easy to make a strong investment in the Franklin facility.”
Kentucky Industrial Revitalization Act
KIRA, a 10-year incentive program, is intended to assist in the rehabilitation of manufacturing or agribusiness operations that are in imminent danger of permanently closing or that have closed temporarily, and where at least 25 jobs are created or maintained.
“The Franklin facility will be entering a new era as a result of this capital investment by Berry Plastics,” said Thomas E. Salmon, president of Berry Plastics Tapes & Coatings. “Our experienced and skilled employees will be able to continue to produce quality products using superior equipment in Franklin. Knowing that we can make the investment in the plant because the state is making an investment too fortifies a strong and continuing economic opportunity for all interests.”
“It’s exciting to see Berry investing so much in the Franklin plant,” said Jim Henderson, Simpson County Judge-Executive. “We’re confident that this will help keep Berry competitive and vibrant as one of our most valuable local industries.”
"Berry Plastics is the oldest industry in Franklin,” said Franklin Mayor Herbert Williams. “This major investment in new equipment for the plant will ensure that this important facility will remain active in our community for years to come.”
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