Monday, 12 17, 2012
Packaging company for food service industry to invest more than $7.6 million
MOUNT VERNON, Ky.– Governor Steve Beshear today joined company and local officials to announce Anchor Packaging Inc., a specialized packaging manufacturer for the food service industry, plans to establish operations in Rockcastle County, creating 150 new, full-time jobs and investing more than $7.6 million.
“We welcome Anchor Packaging to Rockcastle County,” said Gov. Beshear. “Anchor Packaging is approaching its 50-year anniversary, which is a proud milestone for a company that is building a rich history. One hundred and fifty new jobs and a $7.6 million investment will have a profound impact on the Rockcastle County area and will help build a more productive future for the community and Anchor Packaging.”
Founded in St. Louis in 1963, Anchor Packaging manufactures specialized packaging products for the food service industry, including packaging for merchandising prepared ready-to-heat meals in supermarkets and restaurants. The 165,000-square-foot Rockcastle County facility, located on Industrial Park Road, adds to the 1.3 million square feet of production and warehouse space Anchor Packaging operates nationwide.
“Anchor Packaging first came to Mount Vernon for the sale of the equipment located at the factory, initially thinking we would move the items to one of our other facilities,” said Robert R. Hermann Jr., chairman and CEO of Anchor Packaging. “Immediately following the sale things moved very quickly, with discussions of continuing work in Rockcastle County. We were concerned that government red tape might slow down the process and we wouldn’t be able to get the answers we needed in time to close. However, the Rockcastle Industrial Development Authority and the Kentucky Cabinet for Economic Development came on the scene and were able to get us all our answers in a timely fashion. The Rockcastle Fiscal Court and the Rockcastle County Industrial Development Authority worked diligently on the facility making it possible for us to be here today. This was a true private/public partnership, where both sides wanted something to happen, and we are happy to say that it did.”
To encourage the investment and job creation in Rockcastle County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $4 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.
“It is a pleasure to welcome such a well-established company to Rockcastle County,” said Sen. Jared Carpenter, of Berea. “I am confident that Anchor Packaging and the hard-working people of our communities will enjoy a long and productive relationship.”
“The move of Anchor Packaging into Rockcastle County is a prime example of local and state government entities – through our taxes – and especially that of the Rockcastle County Fiscal Court that purchased the building – to foster the spirit of private enterprise and entrepreneurialism here in Kentucky at this location,” said Rockcastle County Judge-Executive Buzz Carloftis. “Our community’s gratitude is extended to the many partners that made this job-creation project possible.”
For more information on Anchor Packaging, visit www.anchorpackaging.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.
A detailed community profile for Rockcastle County can be viewed at http://www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=005.