Gov. Beshear: KOI Superior Walls Locating New Manufacturing Facility in Boone County Creating 73 Jobs
Company makes precast concrete walls for commercial and residential construction
FRANKFORT, Ky. (April 25, 2024) ? Today, Gov. Andy Beshear highlighted new growth in Kentucky?s booming manufacturing sector as KOI Superior Walls announced plans to locate a new manufacturing facility in Boone County, a project that is creating 73 new full-time jobs.
?We could not have the tremendous economic success we?ve had during this administration without our expansive manufacturing network,? said Gov. Beshear. ?KOI Superior Walls is a new and welcome addition to our manufacturing sector, and the company?s commitment to future growth will further strengthen Kentucky?s economy for years to come. I want to thank KOI?s leadership and look forward to seeing their success here in the commonwealth.?
KOI Superior Walls is a newly formed company that will manufacture precast concrete foundation walls for residential and commercial construction. The initial phase of the manufacturing facility will include approximately 38,000 square feet of production space and 6,000 square feet of office space. The expected new employment positions will cover manufacturing roles, sales, design, administrative and management. KOI Superior Walls expects to begin full operations in late 2025.
The new manufacturing facility will also allow for the expansion of the existing company KOI Precast Concrete. Operating in Boone County since 1987, KOI Precast Concrete manufactures precast concrete products for storm sewer, sanitary sewer and other underground utility projects throughout the Greater Cincinnati Tri-State region.
?We are excited to begin manufacturing Superior Walls in Northern Kentucky,? said KOI Superior Walls President Ross Votel. ?This innovative product offers significant benefits to the home-building process and an improved foundation in new homes. Our new facility will allow us to combine our decades of precast concrete manufacturing experience with this revolutionary system to grow into the future.?
Superior Walls of America Ltd. was founded in 1981 by home-builder Mel Zimmerman after years of research and development on a precast foundation system. The system was designed to eliminate problems during the home-building process while providing a quick and easy way to build better and dry basements. With its headquarters located in New Holland, Pennsylvania, Superior Walls of America covers 25 states, as well as three Canadian provinces. KOI Superior Walls is a Superior Walls licensee delivering precast concrete systems to Kentucky, Southern Ohio and Eastern Indiana.
Boone County Judge/Executive Gary Moore mentioned the company?s growth and new location in Northern Kentucky: ?It?s exciting to see a long-standing, locally owned business succeed, and now their entrepreneurial spirit is bringing a new product to our building industry. The new precast foundation system KOI Superior Walls offers improves quality and efficiency in the construction process for residential and commercial builders.?
Lee Crume, President and CEO of BE NKY Growth Partnership, congratulated Votel and his partners on the new business: ?Boone County is one of the fastest growing counties in the Cincinnati region and these new precast concrete walls are in demand by the building industry. KOI Superior Walls will play a role in spurring regional economic development by providing a local source of building construction materials for companies locating and expanding in Northern Kentucky.?
KOI Superior Walls? 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 over $30.6 billion in announced investments, creating more than 52,500 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 $1.3 billion 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.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor?s Cup rankings. Previously, Site Selection 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) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $490,000 in tax incentives based on the company?s investment and annual targets of:?
- Creation and maintenance of 73 Kentucky-resident, full-time jobs across 10 years; and?
- Paying an average hourly wage of $36.14 including benefits across those jobs.?
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, KOI Superior Walls 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 KOI Superior Walls, visit SuperiorWalls.com.??
A detailed community profile for Boone 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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