Barrel production company Kentucky Cooperage has announced to expand their existing used barrel operation in Marion County. The company will expand more than $4.1 million to the expansion. Moreover, the new investment will also create up to 20 full-time jobs.
Expansion of existing facility
The expansion will add another 41,000 square feet to their existing facility which comprises of 28,000 square foot. Currently, the company is operating at 715 W. Main St. Moreover, the project will increase the warehouse and processing capacity to grow the number of barrels. The company’s leadership is expecting to start the work this spring and they intend to complete the project by February next year.
Kentucky Cooperage is a subsidiary of Independent Stave Co. (ISC). They have their footprints at five different locations across state. They are running their operations in Benton, Lebanon, Louisville and Morehead. Moreover, the company is employing 685 employees statewide. “In 2017, we entered the used barrel industry by partnering with Tim Ratliff and Kentucky Bourbon Barrel in Louisville, Kentucky. “Together, we grew the KBB used barrel operations by opening a facility in Lebanon. Today, we are proud to begin an expansion on that facility, which will give our customers even more options for used barrels. We appreciate the state of Kentucky’s continued support of the growing spirits industry.” Brad Boswell, CEO of ISC said in his statement.
Company’s International footprint
ISC is a family-owned cooperage company and they have its headquarter in Missouri. The company was founded in 1912. Currently, it is operating as a cooperage company crafting a wide range of barrels and oak products. In addition, they have their footprints across the globe. ISC provides distilleries, wineries and breweries in more than 40 countries.
(KEDFA) tax incentive
The project is likely to create 20 new jobs. Kentucky Economic Development Finance Authority (KEDFA) approved more than $150,000 in tax incentives. This was approved through the Kentucky Enterprise Initiative Act (KEIA) to encourage investment and job growth in the community. KEIA allows approved companies to ramp up Kentucky sales. Moreover, tax incentives are used on construction costs, building fixtures, equipment used in research and development and electronic processing.
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