Project will be first to locate in Paradise Regional Industrial Park
FRANKFORT, Ky. (Dec. 12, 2024) – Today, Gov. Andy Beshear highlighted continued momentum of the state’s manufacturing sector as Greenville Manufacturing Kentucky – a maker of equipment for the agriculture, forest products and biomass sectors – will relocate to a new facility in Muhlenberg County with a $16.2 million investment and create 250 Kentucky jobs.
“Kentucky’s historic economic momentum comes thanks to the continued success within our key industries, including manufacturing,” said Gov. Beshear. “This investment will bring hundreds of high-quality, full-time job opportunities to families in Western Kentucky and will provide a substantial economic boost to the region. I am excited to see the company’s future success here in our New Kentucky Home.”
Greenville, a Floyd Holdings member company, will locate a new manufacturing facility at Paradise Regional Industrial Park in Muhlenberg County, the first project to be established at the site. The investment will include new equipment and increased operational space to meet growing consumer demand and company growth. The project will create 250 new, Kentucky jobs with construction of the facility expected to begin this month and anticipated to be completed in November of next year.
The project also represents a major success for the Kentucky Product Development Initiative, the state’s site development initiative, as the Paradise Regional Industrial Park site was approved for $745,000 in state support in 2023.
“This new facility was earned by the loyal, dedicated employees in Kentucky and the support of the community,” said Dane Floyd, CEO of Floyd Holdings. “Our companies have experienced incredible growth, and we had to decide where to grow next. Starting almost from day one in Greenville, the outreach and support of local leaders like Judge McGehee and Ray Hagerman really reinforced what a great community we had been welcomed to. With great employees, forward-thinking local leaders, great training facilities and state support all the way to Gov. Beshear’s office, my decision was an easy one. I congratulate this community on receiving this investment and I look forward to further investment here as well. Thank you all for allowing us to be part of your great community.”
Greenville Manufacturing Kentucky makes bulk material handling equipment sold under the Biomass Engineering and Equipment (BE&E) brand, which is used primarily in the agriculture, lumber, wood pellet, recycling, biochar and other biomass-related industries. The company currently operates a facility in Muhlenberg County that employs 53 Kentuckians. The new facility will allow continued growth in sales, outreach into new industries and facilitate more in-house manufacturing and less outsourcing.
Muhlenberg County Judge/Executive Mack McGehee noted the economic impact the project will have on the area: “This is a long-awaited, great day for all that have been involved in the development of Paradise Regional Industrial Park. This is a great company who is providing new manufacturing jobs which will impact our region’s economy for many years to come. I personally want to thank Gov. Beshear and the Kentucky Cabinet for Economic Development for their support in bringing this to Muhlenberg County. I also want to commend Muhlenberg Economic Growth Alliance Executive Director Ray Hagerman and his staff on a job well done.”
Ray Hagerman, executive director of Muhlenberg Economic Growth Alliance, is excited to welcome the company to the community: “This is a great day for Muhlenberg County and the surrounding region. These jobs and their economic impact will be game-changing for the area. This will be the first client at Paradise Park Regional Industrial Park, and we celebrate along with our partners in Daviess, Hopkins, McLean and Ohio counties in providing opportunities for the entire region.”
Greenville Manufacturing’s investment and job creation build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $35 billion in announced investments, creating roughly 58,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $13.5 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a Supply Kentucky initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies. And last month, the Governor announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) Thursday preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $7 million in tax incentives based on the company’s investment of $16.2 million and annual targets of:
- Creation and maintenance of 250 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $26.07, including benefits, across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Greenville Manufacturing can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Greenville Manufacturing, visit beande.com.
A detailed community profile for Muhlenberg County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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