Monday, 12 10, 2012
Expansion to create 13 new jobs, investment of nearly $1 million
FRANKFORT, Ky. – Governor Steve Beshear today announced Barnett Industries Inc., doing business as Indy Honeycomb, is expanding its northern Kentucky facility, adding 13 new, full-time jobs. The project entails an investment of $915,000 in the Commonwealth.
“Indy Honeycomb’s success can be traced to their early business vision – to make a complex product simple and easy to buy. That concept clearly works,” said Gov. Beshear. “Now, the Commonwealth is partnering with Indy Honeycomb to see the company continue to grow and succeed, and the addition of 13 jobs and a $915,000 investment are proof of that success.”
Indy Honeycomb manufactures metal honeycomb, a product used for many military, commercial and industrial applications, including parts for aircraft engines and power generation turbines.
The company has been in business since 1996, and has been operating in its current Covington location since 1998. Indy Honeycomb currently employs 29 people at its manufacturing plant. With growing demand and exports going to 20 countries, the company plans to double production space, add office space and purchase equipment.
“Incentives like this allow our business to move more decisively and proactively,” said Indy Honeycomb President Steve Barnett. “We now have the ability to provide additional space, equipment and technology to our committed team of employees, which allows us to better serve current customers and new clients alike. Having the ability to move on this initiative now, as opposed to waiting, helps us remain on the leading edge of our niche market.”
To encourage the investment and job growth in Northern Kentucky, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $200,000 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.
“It’s a pleasure to congratulate a local employer in the success of its people and business model,” said Sen. Jack Westwood, of Erlanger.
“It’s great to see a company like Indy Honeycomb, who has been a member of our business community for nearly 15 years, continue to invest in our region and provide jobs to our people,” said Rep. Tom Kerr, of Taylor Mill. “It is companies like Indy Honeycomb that have helped make Kenton County and northern Kentucky an outstanding place to do business and increased our importance as an economic hub for Kentucky and the Tri-State region.”
“We welcome the expansion of Indy Honeycomb, one of Covington’s most progressive businesses within the manufacturing sector,” said Covington Mayor Chuck Scheper. “The company’s technical expertise and product use within the commercial, military and industrial markets are well respected. Covington celebrates and thanks Indy Honeycomb for its vote of confidence as it continues to grow in our city and in northern Kentucky.”
“The Indy Honeycomb expansion clearly endorses the momentum we are experiencing in northern Kentucky and our advanced manufacturing sector,” said Gary Moore, chairman of Northern Kentucky Tri-ED and Boone County judge-executive. “Our existing industry base is the foundation of our success and Indy Honeycomb’s commitment to the northern Kentucky region is exciting for all of us. We congratulate the company and look forward to winning their confidence every day.”
For more information on Indy Honeycomb, visit www.indyhoneycomb.com.
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.
For more information about Northern Kentucky, visit NorthernKentuckyUSA.com.
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