Thursday, 05 30, 2013
New company to process Asian carp to export to South East Asia, invest more than $2.5 million in the Commonwealth
WICKLIFFE, Ky. – Governor Steve Beshear today joined local leaders and company officials for the grand opening of Two Rivers Fisheries Inc. in Wickliffe. The newly-formed company plans to create 50 jobs and invest more than $2.5 million in the project, which includes leasing a 36,000-square-foot spec building owned by the Ballard Industrial Board on Wickliffe Road.
“We welcome Two Rivers Fisheries to the Commonwealth. Not only will the company create 50 jobs and invest $2.5 million, it will also add to our overall exports,” said Gov. Beshear. “Exporting is big business, with Kentucky setting an all-time record last year with $22 billion in exports of Kentucky products and services.”
Two Rivers Fisheries plans to purchase Asian carp from local fishermen, process the meat and blast-freeze the product for shipment to South East Asia, where the fish are in demand. Bi-products from Asian carp processing can also be used to make fertilizer. The company expects the plant will have the ability to process and sell up to 10,000 pounds of Asian carp per day.
“We are thrilled to be a member of the Wickliffe/Ballard community,” said Angie Yu, CEO of Two Rivers Fisheries. “After years in the international fish importing and exporting business, we have realized our dream of creating our own factory and greatly appreciate the support we have received, both on the local and state levels. Our hope is that this facility benefits Kentucky’s waterways as well, removing Asian carp from the rivers and turning them into a positive resource.”
To encourage the investment and job creation in Wickliffe, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1 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 establishment of Two Rivers Fisheries is a win-win for our area: it not only provides another market for a local resource, but helps address the dangers of this invasive species,” said Sen. Bob Leeper, of Paducah.
“As Mayor of Wickliffe I am pleased to have the Two Rivers Fisheries located here at the confluence of our nation’s most powerful rivers, the Mississippi and Ohio,” said Wickliffe Mayor Lynn Hopkins. “As we have come to know the president, Angie Yu, and her family, Wickliffe is excited to be a minor helping hand in this venture. We stand ready to help in its future growth and success. This endeavor will improve the environment and the sport and commercial fish we rely on in this community. Thanks to Gov. Beshear, the Commonwealth of Kentucky Department of Fish and Wildlife Resources, and the county officials who have worked on this project, and especially the Ballard County Economic and Industrial Board and the PADD offices.”
“We are very excited about the Two Rivers Fisheries locating here in Ballard County,” said Ballard County Judge-Executive Vickie Viniard. “We are very fortunate to have jobs in our county. I am very happy to have Angie Yu and the Two Rivers Fisheries as a part of our community. I would like to thank Gov. Steve Beshear for his help and always promoting growth and industry all over Kentucky. I would also like to thank the Delta Regional Authority and Mike Marshall for their support in this venture. Also, a special thanks to the Purchase District Development District, the Ballard County Economic and Industrial Development Board and Carlisle County Judge-Executive Greg Terry for all of their support. Ballard County has so much to offer. Working together can only move us forward.”
In addition to KEDFA’s preliminarily approved performance based tax incentives, the Delta Regional Authority (DRA) authorized $307,000 for the company. The DRA is a federal-state partnership that is congressionally mandated to help create jobs, build communities, and improve lives in the 252 counties and parishes of the Delta. The investments come through the DRA’s States Economic Development Assistance Program. With 45 Local Development Districts as front-line project managers, these investments by the Delta Regional Authority support job creation and community development projects.
“The launch of Two Rivers Fisheries is successful entrepreneurship at its core: finding solutions that will both create good paying jobs and have a social impact for Wickliffe/Ballard, for the Delta and for the country,” said Federal Co-Chairman of the Delta Regional Authority Chris Masingill. “The Delta Regional Authority is proud to be a part of this project, and I congratulate Gov. Beshear and Two Rivers Fisheries for their commitment to the Commonwealth of Kentucky and the Delta region.”
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 at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Wickliffe (Ballard County) can be viewed at http://www.thinkkentucky.com/community.aspx?county=Ballard.
For more information on Asian carp, visit the Kentucky Dept. of Fish and Wildlife’s profile at http://fw.ky.gov/navigation.aspx?cid=1074&navpath=C552.