Business

Business
12:14 pm
Sat February 9, 2013

Laurel Co. Company Establishes Headquarters, Adds Jobs

SERVPRO of Pulaski and Laurel Counties will establish its headquarters in London, create ten new, full-time jobs and invest $666,500 in the area.

The company specializes in in the cleanup and restoration of residential and commercial properties after fire, smoke or water damage. SERVPRO, in London since 2005, has constructed a 15,000 square foot facility to serve as its regional headquarters.

To encourage the investment and job creation in London, the Kentucky Economic Development Finance Authority preliminarily approved tax incentives for the company of up to $300,000 through the Kentucky Business Investment program.

Business
12:04 pm
Sat February 9, 2013

Kentucky House Bill Would Help Local Airports

South-Central Kentucky area House members from both sides of the aisle are teaming up to push legislation that could send millions of dollars to the Bowling Green-Warren County Regional Airport over the next five years to expand flights and services.

The Bowling Green Daily News reports the bill's sponsors include Democratic Representatives Jody Richards of Bowling Green and Wilson Stone of Scottsville, and Republican Bowling Green Representative Jim DeCesare of Bowling Green.

Yet to be determined is which airline route, either to Chicago or Atlanta, would best serve the airport's business customers if a commercial service is landed. Also under consideration is a less than daily flight with a leisure carrier.

If approved, the bill would direct $2 million for each of the next five fiscal years to communities that already have federal Small Community Service Grants. Bowling Green has received a $500,000 grant in that category.

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Business
9:18 am
Sun February 3, 2013

Second Western Kentucky Smelter Says It's Shutting Down Over Electric Costs

A worker at Century Aluminum in Hawesville, the first western Kentucky area smelter to say it was closing over higher electric rates

Another western Kentucky aluminum smelter has given notice that it intends to shut down in a year because of increasing electric rates.

Media reported the Rio Tinto Alcan aluminum smelter in the Webster County town of Sebree gave notice Friday of its intention to follow the lead of Century Aluminum in Hawesville. Century filed its notice in August.

The notice from Rio Tinto Alcan comes as Big Rivers Electric Corp. seeks a substantial rate increase citing the impending loss of Century, its biggest customer.

Rio Tinto Alcan spokesman Kenny Barkley said Big Rivers is seeking a rate increase from $50 per megawatt now to $60 per megawatt, and that rate isn't sustainable. The smelter has 488 employees.

Business
4:23 pm
Fri February 1, 2013

Bowling Green Automotive Company Continues Growth

Kobe Automotive Products plans to invest more than $66 million in their plant at the South Industrial Park for both a building expansion and new equipment.

In November, the company announced an $11 million investment for an additional 39,000 square feet of space and up to 20 new jobs. That expansion is now complete.

Most of Kobe's new investment, $44.2 million, will go toward purchasing new equipment to expand their product line of forged aluminum suspension products. In addition, $20 million will be spent on a new building project. There was no mention of any new jobs being created by the expansion.

Business
1:10 pm
Fri February 1, 2013

In Wake of Financial Downgrade, Kentucky Business Leaders Call for Quick Pension Reform

Another change in Kentucky’s financial outlook has the state’s business leaders calling on the General Assembly for immediate pension reforms.

Standard and Poor’s has changed Kentucky’s outlook to negative, citing the state's large unfunded pension obligations as the main reason.

In response, the Kentucky Chamber of Commerce, as well as 50 other business groups, held a news conference to demand that lawmakers pass the recommendations from last year’s pension task force as they were presented.

Chamber President and former Owensboro mayor David Adkission said the change is the best reason for why reforms need to happen soon.

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Business
5:43 am
Thu January 31, 2013

Wine Sales in Tennessee Supermarkets?

Supporters of a bill to allow supermarkets and convenience stores to sell wine are scheduled to unveil the details of their legislative proposal Thursday. State Senator Bill Ketron of Murfreesboro and fellow Republican Representative Jon Lundberg of Bristol are the main sponsors of the measure that would end the exclusive right of liquor stores to sell wine in Tennessee.

The measure is expected to seek to put the option of whether to allow wider wine sales o the voters in local cities and counties. The Republican House and Senate speakers support the change. But opponents argue the change would unfairly disrupt the existing business rules that liquor store owners invested under, and that the measure would make higher-alcohol drinks more widely available to minors.

Business
3:30 pm
Wed January 30, 2013

More Work Coming to Bowling Green Corvette Plant

The 2014 Corvette Stingray
Credit Lisa Autry

General Motors is enhancing its footprint in Bowling Green. Officials gathered at the Corvette plant Wednesday to announce a $3.5 million investment. The automaker is moving its performance built center from Michigan to Bowling Green.

The center specializes in building high performance engines. GM Manufacturing Manager Arvin Jones says the move is expected to create or retain 20 jobs. 

“We’re working out the details with the international union and ourselves on how we’re going to bring those folks down, but they have the right to follow the work," said Jones.

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Business
5:54 am
Tue January 29, 2013

Kentucky Bourbon Trail Sees Another Record Breaking Year

Barrels at the Woodford Reserve Distillery in Versailles, Ky.
Credit Kevin Willis

More than 500,000 people visited distilleries along Kentucky's bourbon trail in 2012, marking a 15% increase over the year before.

The Trail's director said the new attendance record was 509,292. It's the first time since the trail opened in 1999 that the number of visitors broke the half-million mark. Adam Johnson said visitors came from all 50 states and more than 50 countries.

The Kentucky Bourbon Trail is a distillery tour that features Four Roses and Wild Turkey in Lawrenceburg, Heaven Hill in Bardstown, Jim Beam in Clermont, Maker's Mark in Loretto, Town Branch in Lexington and Woodford Reserve in Versailles.

Business
3:49 pm
Mon January 28, 2013

Thousands Lose Cash in Kentucky-Based Scheme

Paul Orberson
Credit paulorberson.net

State and federal authorities are accusing a University of Kentucky athletics booster of running a massive pyramid scheme. A lawsuit has been filed against Fortune High-Tech Marketing, a Lexington company owned by Paul Orberson. 

The self-made millionaire has donated more than $1 million to UK athletics. Attorney General Jack Conway says Fortune High-Tech scammed more 100,000 people out of hundreds of millions of dollars. Conway says 96% of people who bought into Fortune High-Tech lost their money.

Business
4:46 pm
Thu January 24, 2013

Kentucky Kingdom to Reopen in 2014--Pending Loan Approval

Kentucky Kingdom before it closed in 2009

The Kentucky Kingdom amusement park will open in spring of 2014 under an agreement approved Thursday. The Kentucky State Fair Board unanimously approved the pact that would require investors, led by former park operator Ed Hart, to put up $45 million, including $25 million that they would borrow.

The Courier-Journal reports the deal is contingent on investors securing the loan. The investment group behind the effort, the Kentucky Kingdom Redevelopment Corporation, would have a lease on the state-owned property for 50 years.

The group would control 57 acres and another four acres for a potential expansion of Kentucky Kingdom’s water park. When the park was open, it employed between 800 and 1,000 summer workers.

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