Gov. Beshear: Belmark To Locate New Manufacturing Operation in Allen County With Nearly $99 Million Investment Creating 159 High-Wage Jobs
New flexible packaging plant will be the company?s first facility in the commonwealth
FRANKFORT, Ky. (Jan. 25, 2024) ? Today, Gov. Andy Beshear highlighted the continued momentum of the state?s manufacturing sector as Belmark Inc. ? a manufacturer of printed pressure sensitive labels, flexible packaging and folding cartons ? will locate a new operation in Allen County with a nearly $99 million investment creating 159 well-paying Kentucky jobs.
?There has never been a better time to locate, expand and do business in Kentucky than right now,? said Gov. Beshear. ?Quality companies choosing Kentucky time after time is a testament to what this great state has to offer. Belmark?s decision to locate its new facility in the commonwealth will bring quality jobs to Allen County and add continued growth to Kentucky?s manufacturing sector. I want to thank Belmark?s leadership, and we?re looking forward to their company?s success here in the commonwealth.?
Belmark?s investment will see the company locate a new operation on 25 acres in Allen County. The new 156,000-square-foot flexible packaging plant will allow the company to increase manufacturing capacity and capabilities to better serve its customer base throughout the United States. The operation will be the company?s first facility in the commonwealth, with construction expected to begin in June 2025 and be completed in 2026. The 159 full-time jobs created by the project will pay an average wage of almost $37 per hour, including benefits.
?Belmark is a growth-minded, market-leading provider of label and total packaging solutions,? said Karl Schmidt, Belmark president and CEO. ?We continually reinvest in our people and business to ensure a thriving, dependable company and a vibrant culture that supports our customers and the local communities where we operate. We are excited to expand with a new location and continue our growth with our new Allen County family.?
Founded in 1977, Wisconsin-based Belmark manufactures pressure sensitive labels, flexible packaging and folding cartons for customers in a broad range of markets. After 46 years of business, the company now employs over 1,300 people across seven facilities in De Pere and Shawano, Wisconsin, as well as in Phoenix, Arizona. The company is committed to creativity, innovation and problem-solving to help serve its customer base and advance the packaging industry forward.
Allen County Judge/Executive Dennis Harper said he is excited about the job opportunities Belmark?s project is bringing: ?I am truly honored that Belmark Inc. has selected the Allen Springs Industrial Park in Allen County for its new expansion. This will provide more opportunities for our citizens to stay in Allen County and provide for their families. We look forward to a long partnership.?
Scottsville Mayor David Burch highlighted the company?s quality products and culture: ?We are excited to welcome Belmark Inc. as an incredible partner. Their reputation of quality products and strong, caring culture will be a wonderful addition to our community.?
Adam Tabor, chairman of the Allen County-Scottsville Industrial Development Authority, is looking forward to a long and successful partnership between the company and community: ?The announcement of Belmark Inc. is exciting news for Allen County-Scottsville. Belmark Inc. is a company with a strong community culture that produces exceptional value-added products. The Allen County-Scottsville Industrial Development Authority Inc. could not be more grateful and delighted to welcome Belmark Inc. to the great commonwealth of Kentucky, particularly Allen County-Scottsville.?
Paul Thompson, Tri-County Electric CEO, welcomed the company to the community and looked forward to supporting their success: ?Belmark is a quality organization with a history of putting their employees first while focusing on the delivery of quality products. These attributes make their expansion into Allen County a perfect fit. Tri-County Electric welcomes them to our community and is excited to have the opportunity to support their continued success.?
John Bradley, Tennessee Valley Authority (TVA) senior vice president of economic development, noted the job opportunities and economic impact the investment will have: ?TVA and Tri-County Electric congratulate Belmark on its decision to establish operations and create new job opportunities in Scottsville. We are proud to partner with Allen County-Scottsville Industrial Development Authority, Kentucky Cabinet for Economic Development, the city of Scottsville and Allen County to foster economic growth in the region and look forward to Belmark?s future business success here.?
Belmark?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 $29.3 billion in announced investments, creating more than 51,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth?s history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $29.3 billion in announced investments, creating more than 51,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth?s history.
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 $591 million investment in Scott 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 and S&P Global Ratings, and Moody?s Investors Service upgraded Kentucky?s credit outlook from stable to positive.
Site Selection magazine 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.
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.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2 million in tax incentives based on the company?s investment of $98.9 million and annual targets of:
- Creation and maintenance of 159 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $36.98, including benefits across those jobs.
Additionally, KEDFA approved Belmark for up to $500,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
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, Belmark 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 Belmark, visit belmark.com.
A detailed community profile for Allen 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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