Thursday, 06 27, 2013
Mandy Lambert - 502/564-4886
Bourbon manufacturer to invest more than $35 million in the
FRANKFORT, Ky. (June 27, 2013) –
Governor Steve Beshear today announced
Brown-Forman Corporation (NYSE:BFA, BFB) plans to add 15 jobs and invest more than $35 million to
expand operations at its Woodford Reserve Distillery in Versailles.
proud of Brown-Forman’s rich heritage at the Woodford Reserve Distillery, which
is an integral part of Kentucky’s world famous bourbon industry,” said Gov.
Beshear. “This expansion, including 15 new jobs and more than $35 million in
investment, will help grow sales and exports for a Kentucky product that is
increasingly in demand across the globe.”
Kentucky produces 95 percent of the world’s bourbon, and the
4.9 million barrels of aging bourbon here outnumber the state’s population of
4.3 million. More than 8,600 jobs in Kentucky are connected to
distillery-related enterprise, generating approximately $413 million in
The Woodford Reserve Distillery,
located off McCracken Pike in Versailles, currently has 30 full-time employees.
The expansion will include the addition of new bourbon maturation warehouses,
new stills, improvements to the bottling line, and other upgrades designed to
increase capacity, efficiency, and productivity at the facility.
“As a 142-year-old Kentucky company, Brown-Forman is proud
to expand the Woodford Reserve Distillery, allowing us to meet the growing
global demand for Woodford Reserve and continue to invest in our community,”
said Chris Morris, master distiller at Woodford Reserve.
addition to Woodford Reserve, Brown-Forman Corporation produces numerous
quality brands, including
Jack Daniel’s, Southern Comfort, Finlandia, Herradura, Early Times, and Old
Forester. The company was founded in 1870 by George Garvin Brown in Louisville,
Kentucky. Today, the company is headquartered in Louisville, Kentucky, and
employs nearly 4,000 people worldwide.
To encourage the investment and job growth in Versailles,
the Kentucky Economic Development Finance Authority (KEDFA) preliminarily
approved the company for tax incentives up to $2.5 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
KEDFA also approved Brown-Forman for tax benefits up to
$500,000 through the Kentucky Enterprise Initiative Act, which allows approved
companies to recoup Kentucky sales and use tax on construction costs, building
fixtures, equipment used in research and development and electronic processing
“Woodford Reserve’s expansion in Versailles, adding 15
additional jobs, is great news,” said Sen. Julian M. Carroll, of Frankfort.
“The company’s more than $35 million investment will allow Versailles and
Woodford County to keep reaping the rewards of good jobs, as well as to continue
to stimulate the economic growth and development of our area. I am proud to
have Woodford Reserve in Versailles and in the Commonwealth of Kentucky, and am
pleased with the company’s continued success. I applaud Gov. Beshear for taking
the lead in supporting the expansion of our good corporate friend.”
“We are very excited Brown-Forman decided to expand its
Woodford Reserve operations in our community,” said Versailles Mayor Fred
Siegelman. “The beauty of this distillery, along with its rich history,
continues to attract many tourists to Kentucky and Versailles. We are grateful
for the assistance provided by Gov. Beshear, the team at the Cabinet for
Economic Development and the Woodford Economic Development Authority. Thank you
“We want to congratulate Brown-Forman and Woodford Reserve
for their continued commitment and contributions to Woodford County,” said
Woodford County Judge-Executive John Coyle. “This expansion not only brings new
jobs to our community, but also increases the tax base, which allows us to
better serve our citizens. Thank you to Gov. Beshear, the Cabinet for Economic
Development, and the Woodford Economic Development Authority, who guided this
project through completion.”
For more information on Brown-Forman, visit www.brown-forman.com.
County has also been certified by the Kentucky Workforce Investment Board as a Work Ready Certified Community. The certification is an
assurance to business and industry that the community is committed to providing
the highly skilled workforce required in today’s competitive global economy.
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.
A detailed community profile for Versailles (Woodford
County) can be viewed at