Indian package manufacturer to build first U.S. plant in Elizabethtown
Apex MediaWire Staff Report
ELIZABETHTOWN, Ky. (AMW) — A packaging manufacturer based in India has announced plans to locate its first U.S. manufacturing facility in Hardin County, bringing a minimum of 125 new jobs to the area.
Gov. Steve Beshear joined local, state and company officials at a press conference today announcing that UFLEX Ltd. will locate its first U.S. plant in Hardin County. Officials said the project will occur in phases, initially creating 125 new jobs and a $90 million investment. Plans call for the company to eventually invest $180 million and employ at least 250 people.
Performance-based tax incentives of up to $20 million were preliminarily approved today by the Kentucky Economic Development Finance Authority. Corporate income tax credits and wage assessments, if formally approved, will allow UFLEX to keep a portion of its investment as long as it meets certain job and investment targets over a 10-year period.
Company officials indicated the first phase of the project will be operational by the end of 2012 with the second phase beginning shortly thereafter.
“We are very upbeat about our U.S. manufacturing venture and look forward to a life-long and rewarding relationship with the Commonwealth of Kentucky,” said UFLEX Chairman Ashok Chaturvedi. “The U.S.A. is the world’s largest and most technologically-advanced packaging market and our first manufacturing plant here will be a high point of our leadership ambitions in this business.”
“Being active with large production facilities at strategically located sites around the world has always been our long-term corporate imperative and what better location could we look for than being in the heart of the world’s largest and most advanced packaging market,” said Pradeep Tyle, CEO of the company’s Flex Films division.
“I’m very excited and honored to have UFLEX locate their first U.S.
plant here in Elizabethtown,” said Mayor Tim Walker. “I also feel UFLEX will add diversity to our industrial community and much-needed new jobs to our economy. We believe this important investment reflects the support that the local community exhibits for industrial development.”
Established in 1983, UFLEX is a leading manufacturer of polyester chips, specialty films, coated and metalized film, laminates, pouches, holographic films, gravure cylinders, flexographic plates, inks and adhesives for use in product packaging.
UFLEX already operates state-of-the-art manufacturing facilities in India, Dubai, Mexico and Egypt and is setting up another operation in Poland. The company has established offices all over the world with a market presence in 110 countries.
“This is an excellent opportunity to create yet another long-term relationship with an international corporation right here in Hardin County,” said County Judge-Executive Harry L. Berry.
“India is one of the largest and fastest-growing economies in the world and represents unlimited potential for cultivating job and investment growth,” Beshear said. “I am thrilled Kentucky is the location of choice for this $180 million investment, one that will create at least 250 jobs.”
UFLEX representatives made their first visit to Kentucky in January following Beshear’s economic development trip to India last fall. At least six states were considered for the new plant.
The new facility will be located in Elizabethtown’s T.J. Patterson Industrial Park.
http://www.apexmediawire.com/wire/20110413/indian-manufacturing-company-to-build-first-us-plant-in-elizabethtown/
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