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: Rip Technologies Investing $4.3 Million in Mt. Sterling Facility, Creating 46 New Full-Time Jobs**
"""""""Company owns several Amazon-focused e-commerce brands"""""""
*FRANKFORT, Ky. (May 23, 2024) *? Today, Gov. Andy Beshear highlighted Rip Technologies, a manufacturer specializing in the printing and production of art pieces and picture frames, on its new $4.3 million Mt. Sterling facility creating 46 full-time positions.
?I?d like to welcome Rip Technologies to Montgomery County and the commonwealth, as well as the 46 quality jobs the company will create with this investment,? said *Gov. Beshear*. ?This is the latest company to recognize the value of locating in Kentucky and the many strengths our state offers to ensure their business thrives. Rip Technologies will be a great addition to our manufacturing sector, which continues to diversify and grow.?
Rip Technologies, which currently operates in Miami, Florida, will relocate operations from Florida to Kentucky to further expand its manufacturing and e-commerce endeavors by acquiring additional space that is strategically located closer to the company?s customer base.
?We are incredibly enthusiastic about the opportunities Central Kentucky offers our business,? said *Rip Technologies Co-CEO Ophir Rahimi*. ?We firmly believe that Kentucky?s growing industrial landscape will evolve into a thriving manufacturing epicenter, further fueled by the ongoing trend of onshoring. With exceptional governance and a talented workforce, Kentucky stands out as an exceptional choice for business.?
Rip Technologies is a company that owns several Amazon-focused e-commerce brands, including Haus and Hues, The Carefree Bee and Daylight, which were established by brothers Ophir and Uri Rahimi. In 2018, the company introduced its flagship brand, Haus and Hues, specializing in printing, manufacturing and selling a multitude of art pieces and picture frames. Today, Rip Technologies is a 40-person e-commerce company, headquartered in Miami, Florida. The company has experienced strong growth in recent years and is launching a print-on-demand service called Artelo. They?ve hired a new CTO, Jake Leventhal, to lead this project. Artelo will service American-based artists with a suite of wall art drop shipping services slated to launch in 2024.
*Mt. Sterling Mayor Al Botts *highlighted the jobs that the project is creating: ?Rip Technologies is a thriving company with a good track record of providing quality jobs and opportunities for their workforce. We are proud to hear that they have chosen our community to make this significant investment. Rip Technologies offers good-paying jobs with benefits, and the addition of 46 full-time jobs will provide a lot of great opportunities for our labor force. We are incredibly pleased to see a company that wishes to grow with us, and we are excited to see them do so.?
*Mt. Sterling/Montgomery County Industrial Authority Executive Director Jason Rainey *shared his excitement for the new company moving to Mt. Sterling: ?We are grateful that Mr. Ophir Rahimi and his team with Rip Technologies chose Mt. Sterling as the community to locate this new operation. This is a great addition to our thriving manufacturing space and diverse industry clusters. We highly appreciate the opportunity.?
Rip Technologies? 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 52,700 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 [ [link removed] ] in Hardin County; AESC [ [link removed] ]?s $2 billion, 2,000-job gigafactory project in Warren County; Toyota [ [link removed] ]?s $1.3 billion investment in Scott County; and INFAC North America [ [link removed] ]?s $53 million investment in Taylor County, among others.
The Governor?s administration also secured [ [link removed] ] 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 [ [link removed] ] for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings [ [link removed] ] and S&P Global Ratings [ [link removed] ], and Moody?s Investors Service upgraded Kentucky?s credit outlook from stable to positive.
In March, Site Selection magazine ranked [ [link removed] ] Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor?s Cup rankings. In April, Site Selection placed [ [link removed] ] Kentucky second in the South Central region and top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a ?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.??
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in March preliminarily approved [ [link removed] ] a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $650,000 in tax incentives based on the company?s investment of $4.3 million and annual targets of:
* Creation and maintenance of 46 Kentucky-resident, full-time jobs across 15 years; and
* Paying an average hourly wage of $26, 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, Rip Technologies 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 Rip Technologies, visit RipTechnologies.com [ [link removed] ].
A detailed community profile for Montgomery County can be viewed here [ [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] ].
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