Wednesday, 09 25, 2013
Mandy Lambert (502) 564-4886
Specialty chemical company to invest more than $108
million in the Commonwealth
FRANKFORT, Ky. (Sept. 25, 2013) – Governor Steve Beshear today
announced Lubrizol Advanced Materials Inc., a subsidiary of The Lubrizol
Corporation, plans to expand operations in Louisville, creating 25 jobs and
investing more than $108 million in the project.
$108 million investment and 25 new jobs in Louisville show the company’s
commitment to achieving business success here in the Commonwealth,” said Gov.
Beshear. “For a company with locations all over the world, this expansion shows
that Lubrizol values our state, our strategic location and our top quality
Founded in 1928, Lubrizol has approximately 7,000
employees worldwide. The company owns and operates manufacturing facilities in
17 countries, as well as sales and technical offices around the world.
Lubrizol, a Berkshire Hathaway company, is a
technology-driven global company that combines complex, specialty chemicals to
optimize the quality, performance and value of customers’ products while
reducing their environmental impact. It produces and supplies technologies
to customers in the global transportation, industrial and consumer markets.
The company’s technologies include lubricant additives
for engine oils, driveline and other transportation-related fluids, and
industrial lubricants, as well as additives for gasoline and diesel
fuel. Lubrizol also makes ingredients and additives for home care and
personal care products and pharmaceuticals, as well as specialty materials,
including plastics technology and performance coatings in the form of specialty
resins and additives.
increasing global demand, the Louisville expansion will include the
construction of a new chlorinated polyvinyl chloride resin and compounding
facility at the company’s current Bells Lane location, which currently employs
about 140 people.
committed to ensuring product availability and quality for our global CPVC
customers,” said Sam Striegel, plant manager. “Our Louisville expansion,
combined with our other CPVC expansion efforts, will further position us to
meet global demand as well as better serve the needs of our existing and future
customers to help them achieve their business success.”
encourage the investment and job growth in Louisville the Kentucky Economic
Development Finance Authority (KEDFA) preliminarily approved the company for
tax incentives up to $480,000 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.
also approved Lubrizol for tax benefits up to $740,000 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 equipment.
very pleased that Lubrizol has made this additional investment in Louisville
and created even more new jobs,” said Sen. Gerald A. Neal, of Louisville. “This
speaks highly of our workforce. Our area will continue to reap the rewards
of economic growth and additional job opportunities that come with the
“This sizeable investment is great news for our community,
especially for those families who now have greater job security or will benefit
from being hired,” said Rep. Reginald Meeks, of Louisville. “I want to thank
Lubrizol for taking this step, and I appreciate the work our local and state
officials have done to help make this possible.”
“Lubrizol’s expansion, which
includes a $108 million investment and 25 new jobs, demonstrates Louisville’s
willingness and capacity for meeting the needs of vibrant and growing
companies,” said Louisville Mayor Greg Fischer. “This illustrates the success
we can all share as a result of a healthy local and regional economy.”
exciting expansion news is further evidence of why
Forbes recently recognized Louisville as a manufacturing boom town,” said
Greater Louisville Inc. President and CEO Craig Richard. “Already a powerhouse
in Louisville’s burgeoning advanced manufacturing sector, Lubrizol’s selection
of Louisville for expansion is a real testament to our community resources and
our strong talent pool.”
information on Lubrizol, visit www.lubrizol.com.
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.
community profile for Louisville (Jefferson County) can be viewed here.