Multimillion-dollar investment announced in December 2022 will create 80 quality jobs



Kentucky State Seal

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*OFFICE OF GOVERNOR ANDY BESHEAR*

*COMMONWEALTH OF KENTUCKY*








*FOR IMMEDIATE RELEASE*




*Contact:*?

*Crystal Staley*
*502-545-3714*

*Brandon Mattingly
502-782-2006*






*************************G*ov. Beshear Joins Osmundson for Groundbreaking of New Manufacturing Facility in Hickory**************************

""""""""""""""""""""""""""""""""Multimillion-dollar investment announced in December 2022 will create 80 quality jobs""""""""""""""""""""""""""""""""

*MAYFIELD, Ky. (June 7, 2023) *? Today, Gov. Andy Beshear joined local officials from Graves County and leaders from Osmundson Mfg. Co. to break ground on the company?s new multimillion-dollar manufacturing facility. The investment further strengthens Kentucky?s agritech and manufacturing sectors and will create 80 quality jobs over the coming years.

?Manufacturing is Kentucky?s largest industry, and the economic momentum the sector is experiencing shows no sign of slowing down,? said Gov. Beshear. ?In December, we welcomed Osmundson?s announcement of a new manufacturing facility in Hickory, and today, I am thrilled to join company and local leaders to break ground on the project. Groundbreakings are always special, but this one is especially so because it?s helping this community continue to build back stronger than ever after the devastating December 2021 tornados. I am excited to see Osmundson thrive here in Graves County.?

The company?s investment includes the purchase of nearly 35 acres to construct a 150,000-square-foot facility, which will house two hot production lines and support cold workstations that will produce 20-inch and larger disc blades for the agriculture and construction industries.

?Mayfield and Hickory are special places. Not only are the people remarkably resilient ? they are genuine, hardworking and they treat everyone as their own family,? said Osmundson President Heather Bruce. ?It's because of this that we felt a kinship ? a connection ? and knew that this was the place we wanted to call Osmundson?s second home. Our vision for this new facility is to produce products beyond our current capabilities and propel our industry forward into the next era of innovation. We are honored to support Mayfield as it continues to rebuild stronger than ever before and excited to see what the future holds for all of us.?

Osmundson is a fifth-generation, family-owned manufacturer of high-quality, high-performance tillable blades and cultivation tools. Osmundson blades are 100% American-made and have been for nearly 120 years. Founded in 1903 as Osmundson Spade, the company developed a revolutionary spade that resists breakage. The ?unbreakable spade? now sits on display in the Smithsonian. Osmundson Spade grew to become Osmundson Mfg. Co. through the evolution of agriculture. The company currently employs approximately 100 employees at its 142,000-square-foot headquarters and production facility in Perry, Iowa.

The investment adds to Kentucky?s thriving manufacturing sector, which is a more than $39 billion industry. The annual payroll exceeds $4.72 billion, and the sector generates more than 8,700 jobs for Kentuckians. Administration-to-date, private-sector new-location or expansion manufacturing projects have announced over $22.6 billion in planned investments and will create more than 30,500 full-time positions in the state.?

Graves County Judge/Executive Jesse Perry noted the scope of the project and the state?s support: ?Attending the KEDFA meeting in December was an outstanding opportunity to see the support that Kentucky has for Osmundson Mfg. Co. Visiting the Governor at the capital and his presence now in Graves County for the official groundbreaking of this 150,000-square-foot facility highlights the quality company that will be creating 80 high-paying jobs in Graves County. I am looking forward to the company cementing their place in our community and following their progress as they build and grow here.?

Mayor Kathy O?Nan of the nearby City of Mayfield welcomed Osmundson to the community: ?We in Mayfield are proud of the economic growth we have seen within the commonwealth during the past three years, but this groundbreaking is so special to us as it is right here in our own backyard. We are grateful to have been selected by Osmundson as the first expansion outside of their home state of Iowa, and we welcome them as they grow here and become an important part of our Graves County community.?

Graves County Economic Development Council President Jason Lemle spoke on the strength of the community and Osmundson?s leadership team: ?Graves County has been a place of resiliency and progress since I arrived in early 2021. Adding Osmundson Mfg. Co. to our community amidst everything else that has occurred is a testament to the strength and fortitude this community has shown for decades. Heather and her team have been wonderful to work with these past few months and I look forward to supporting Osmundson Mfg. Co. as they grow and expand here in Graves County.?

Tennessee Valley Authority (TVA) Senior Vice President of Economic Development John Bradley congratulated Osmundson on the project: ?Congratulations to Osmundson Manufacturing Co. on its groundbreaking in Graves County. We are proud to partner with West Kentucky RECC, Graves County Economic Development and the Kentucky Cabinet of Economic Development to support companies like Osmundson Manufacturing Co. that are creating job opportunities and investment in the region and celebrate this occasion together.?

Osmundson Mfg. Co.?s investment and planned job creation furthers recent economic momentum in the commonwealth as the state builds back stronger from the effects of the pandemic.

Since the beginning of his administration, Gov. Beshear has announced the creation of 47,000 full-time jobs across 860 private-sector new-location and expansion projects totaling $26.6 billion in announced investments.

The Governor also secured the best two-year period in state history for economic growth.

In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years.

That momentum continued strongly into 2022 with 248 new-location and expansion announcements totaling 16,000 full-time jobs with nearly $10.5 billion in new investment.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 was $26.78 before benefits, the second-highest mark since 2010 and an 11.5% increase over the previous year.

Gov. Beshear also announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated [ [link removed] ] a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April 2022, the Governor was joined by leadership at Envision AESC to announce [ [link removed] ] a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.

Kentucky?s success has been noted by both S&P Global Ratings and Fitch Ratings, which have upgraded the state?s financial outlook to positive in recognition of the commonwealth?s surging economy. On May 12, Gov. Beshear announced [ [link removed] ] that his administration secured the first state-level credit rating upgrade in 13 years and the first-ever such upgrade from Fitch Ratings.

Site Selection magazine recently placed Kentucky first in the South Central region and top-5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects. The publication also placed Kentucky second nationwide and first in the South Central region for its annual Governor?s Cup ranking for 2022, which recognizes state-level economic success based on capital investments.

Gov. Beshear?s administration is projected to post the four highest years of budget surpluses in Kentucky history, and the state?s rainy day fund has a record balance of $2.7 billion.

Gov. Beshear recently announced a new ?Supply Kentucky [ [link removed] ]? initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

The Governor also recently announced [ [link removed] ] that Kentucky set the record for the longest period with the lowest unemployment rates in state history. On May 18, Gov. Beshear announced [ [link removed] ] that Kentucky set a new historic low unemployment rate of 3.7%, which is the lowest rate ever recorded in the commonwealth.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in December 2022 preliminarily approved [ [link removed] ] an incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can tax incentives based on the company?s investment and annual job and wage targets.

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, Osmundson 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 Osmundson Mfg. Co., visit?osmundson.com. [ [link removed] ]

A detailed community profile for Graves County can be viewed?here [ [link removed] ].

More information on the Governor?s AgriTech Initiative is available at AgriTech.ky.gov [ [link removed] ].

Information on Kentucky?s economic development efforts and programs is available at "CED.ky.gov" [ [link removed] ]. Fans of the Cabinet for Economic Development can also join the discussion at "facebook.com/CEDkygov" [ [link removed] ]", on Twitter ""@CEDkygov" [ [link removed] ]", Instagram ""@CEDkygov" [ [link removed] ]" and ""LinkedIn" [ [link removed] ].

Read about other key updates, actions and information from Gov. Beshear and his administration at?governor.ky.gov [ [link removed] ],?kycovid19.ky.gov [ [link removed] ]?and the Governor?s official social media accounts?Facebook [ [link removed] ],?Twitter [ [link removed] ]?and?YouTube [ [link removed] ].

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