Manufacturer of automotive safety products to invest more than $12 million in project
FRANKFORT, Ky. – Governor Steve Beshear has announced Tegrant Diversified Brands Inc., which is owned by Sonoco Products Company, plans to establish a manufacturing operation in Shelbyville. The company, which is a manufacturer of foam-based and safety products for the automotive industry, will create 51 full-time jobs and invest more than $12 million in the Commonwealth.
“We are excited to see Tegrant and Sonoco grow in Kentucky with the creation of 51 jobs and an investment of more than $12 million in Shelbyville, adding to the company’s footprint in Kentucky,” said Gov. Beshear. “Our automotive industry continues to stand out as one of the best in the nation, and we owe a lot of that success to quality suppliers such as Sonoco and Tegrant.”
With locations already in Louisville, Winchester, Morganfield and Henderson, Sonoco has more than 250 employees currently in Kentucky. Sonoco Products Company – a global provider of consumer packaging, industrial products, protective packaging and packaging supply chain services – has annual net sales of approximately $4.5 billion and more than 19,600 employees working in 349 operations in 34 countries, serving some of the world’s best-known brands in more than 85 nations.
“We could not be happier with our experience in the Bluegrass state, and this new Shelbyville facility is proof of that,” said Carl Kraus, division vice president, manufacturing for Sonoco. “The overall business climate, the quality of the workforce and the spirit of partnership with the city and the state made this an easy decision for us.”
The Commonwealth’s automotive industry employs nearly 80,000 people at more than 450 motor vehicle-related facilities. As an example of the industry’s strength, Kentucky’s automotive-related exports reached nearly $4.4 billion in 2012, placing the Commonwealth in the top 10 in the nation. So far in 2013, Kentucky ranks third in light vehicle production in the United States and first on a per capita basis.
“I am delighted with Sonoco’s plans to start manufacturing in Shelbyville,” said Sen. Paul Hornback, of Shelbyville. “We have great people and a great quality of life which we look forward to sharing with our newest community partner.”
“On behalf of the city of Shelbyville, I welcome Tegrant and Sonoco to Shelbyville,” said Shelbyville Mayor Thomas Hardesty. “This manufacturer will create 51 full-time jobs and invest more than $12 million in the Commonwealth. I want to thank Gov. Beshear and his administration for continued support of industrial development in Shelby County.”
“The decision to locate a manufacturing facility in Shelby County speaks volumes about the geographic location and workforce in our community,” said Shelby County Judge-Executive Rob Rothenburger.
To encourage the investment and job creation in Shelbyville, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $900,000 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.
A detailed community profile for Shelbyville (Shelby County) can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging and packaging supply chain services. With annualized net sales of approximately $4.8 billion, the company has more than 19,900 employees working in 347 operations in 34 countries, serving many of the world’s best-known brands in some 85 nations. Sonoco is a proud member of the 2012/2013 Dow Jones Sustainability World Index. For more information on the Company, visit www.sonoco.com.