Company expanding in Northern Kentucky; adding new jobs | News
COVINGTON, KY (FOX19) - Governor Steve Beshear announced on Monday that Barnett Industries Inc., doing business as Indy Honeycomb, is expanding its Northern Kentucky facility, adding 13 new, full-time jobs. The project entails an investment of $915,000 in the Commonwealth.
“Indy Honeycomb’s success can be traced to their early business vision – to make a complex product simple and easy to buy. That concept clearly works,” said Gov. Beshear. “Now, the Commonwealth is partnering with Indy Honeycomb to see the company continue to grow and succeed, and the addition of 13 jobs and a $915,000 investment are proof of that success.”
Indy Honeycomb manufactures metal honeycomb, a product used for many military, commercial and industrial applications, including parts for aircraft engines and power generation turbines.
To encourage the investment and job growth in Northern Kentucky, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $200,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“It’s a pleasure to congratulate a local employer in the success of its people and business model,” said Sen. Jack Westwood, of Erlanger.
“It’s great to see a company like Indy Honeycomb, who has been a member of our business community for nearly 15 years, continue to invest in our region and provide jobs to our people,” said Rep. Tom Kerr, of Taylor Mill. “It is companies like Indy Honeycomb that have helped make Kenton County and northern Kentucky an outstanding place to do business and increased our importance as an economic hub for Kentucky and the Tri-State region.”
“We welcome the expansion of Indy Honeycomb, one of Covington’s most progressive businesses within the manufacturing sector,” said Covington Mayor Chuck Scheper. “The company’s technical expertise and product use within the commercial, military and industrial markets are well respected. Covington celebrates and thanks Indy Honeycomb for its vote of confidence as it continues to grow in our city and in northern Kentucky.”
“The Indy Honeycomb expansion clearly endorses the momentum we are experiencing in northern Kentucky and our advanced manufacturing sector,” said Gary Moore, chairman of Northern Kentucky Tri-ED and Boone County judge-executive. “Our existing industry base is the foundation of our success and Indy Honeycomb’s commitment to the northern Kentucky region is exciting for all of us. We congratulate the company and look forward to winning their confidence every day.”
For more information on Indy Honeycomb, visit www.indyhoneycomb.com.