This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Berry Plastics Group, Inc. To Reopen Its Madisonville, Kentucky, Facility

To encourage the investment and job creation in Madisonville, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $10 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.

Over the next few years, Berry will ramp up employment at the facility to reach a targeted employment level of 400. In early 2013, the Company will begin accepting applications for these positions which are expected to be filled predominately by residents of Kentucky.

“On behalf of the citizens of Hopkins County, I wish to applaud Berry Plastics for choosing Madisonville and Hopkins County for this significant investment,” said Hopkins County Judge-Executive Donald Carroll. “We pledge as a community to work with Berry Plastics in achieving success with this plant now and in the future. We are excited about the tremendous number of jobs and investment and what that means for Hopkins County. Our thanks go out to the Commonwealth of Kentucky and the local economic development corporation for their efforts.”

KEDFA also approved Berry Plastics for tax benefits up to $450,000 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.

Kent Mills, Chairman of the Madisonville/Hopkins County Economic Development Corporation, said that the MHCEDC has worked with the company for several months on the selection of Madisonville/Hopkins County for this significant new project. He stated, “This new Berry Plastics production facility represents one of the largest projects ever announced in Madisonville and Hopkins County. We look forward to a long and mutually beneficial relationship with the company and will work closely as a partner to realize success for the company and community.”

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs