$1.75 million, 12-job expansion was announced in May
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*
************Lt. Gov. Coleman Joins Local Officials to Celebrate Groundbreaking of Flottweg Separation Technology?s New Boone County Facility************
""""""""""""""$1.75 million, 12-job expansion was announced in May""""""""""""""
*FRANKFORT, Ky. (Aug. 2, 2022) *? Today, Gov. Andy Beshear and Lt. Gov. Jacqueline Coleman congratulated Flottweg Separation Technology Inc. as company representatives and local officials celebrated the groundbreaking of the liquid-solid separation equipment manufacturer?s new warehouse facility in Boone County, a $1.75 million investment that will create 12 high-wage jobs.
?It is an incredibly exciting time to be doing business in Kentucky, and it is even more exciting to see companies continue to grow and provide quality job opportunities to our workforce throughout the state,? Gov. Beshear said. ?I am thrilled to congratulate Flottweg on the next step of their journey here in the commonwealth and I want to thank the company?s leadership and everyone who made today possible. Flottweg has established itself in this community over the past 15-plus years, and I look forward to seeing their success long into the future.?
The expansion ? the company?s fourth since 2011 ? comes in response to rising demand and will accommodate increased parts manufacturing. This investment in Flottweg?s Northern Kentucky operation, which assembles and repairs machinery for the company?s existing customer base, will support construction of a new 15,000-square-foot warehouse facility on Flottweg?s existing campus on Toebben Drive, expected to be completed by Q1 2023.
?This expansion is another step in our continued growth,? said Flottweg President Dan Ellis. ?It means more jobs and better support for our customers. Today?s celebration shows that we are solidifying our presence in Northern Kentucky.?
Established in 2006, Flottweg Separation Technology is a subsidiary of Flottweg SE, which was founded in Germany in 1932. Flottweg SE has grown into a global technology leader producing centrifuges, belt presses and separators used for liquid-solid separation. The company?s products support a range of industries, including the mining, petrochemical, chemical, pharmaceutical, food and beverage and machining sectors. Its products also have environmental uses, including treatment of wastewater or oil sludge.
Flottweg?s investment adds to Kentucky?s growing manufacturing presence, which includes nearly 5,000 facilities that employ approximately 250,000 people across the state. In 2021, manufacturers contributed to 13,900 new jobs in the commonwealth with $10.5 billion in new investments.
Boone County Judge/Executive Gary Moore congratulated Flottweg?s leaders on the start of construction of the new facility.
?Flottweg?s growth and success in Northern Kentucky is impressive,? said Judge Moore. ?On behalf of the community, we appreciate their investment and increase in employment in Boone County.?
Northern Kentucky Tri-ED CEO Lee Crume applauded Flottweg?s leaders for the decision to invest in their U.S. manufacturing operations.
?We had the opportunity to visit Flottweg?s headquarters in Germany in June and thanked the leadership team for their commitment to growth in the United States,? added Crume. ?As global companies evaluate their supply chain and operations, it?s encouraging to see new investment from FDI companies, like Flottweg, in Northern Kentucky.??
Flottweg?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.
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. Kentucky?s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
In the past year, the Beshear administration 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 of this year, 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.
The economic momentum has carried strongly into 2022, with both S&P Global Ratings and Fitch Ratings upgrading Kentucky?s financial outlook to positive in recognition of the commonwealth?s surging economy.
And Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted new record low unemployment rates for three consecutive months, falling from 3.9% in April to 3.8% in May and 3.7% in June.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky?s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state?s Rainy Day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in March 2022 preliminarily approved [ [link removed] ] an incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide tax incentives based on the company?s investment and annual job-creation 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, the company 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 Flottweg, visit Flottweg.com [ [link removed] ]. For a brief overview of the company?s Kentucky subsidiary, click here [ [link removed] ].
A detailed community profile for Boone 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] ].
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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