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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV