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.
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.
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.
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.
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.
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.
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.
A bill filed in the General Assembly would allow some Kentuckians convicted of one or more class D felonies to have those convictions deleted from their record. The aim is to remove a barrier many ex-criminals face in gaining employment.
Kentucky's automotive industry had more than a million vehicles roll off their lines in 2012 for the first time since 2007.
Kentucky ranks fourth in the nation for total light vehicle production, third in the production of cars and fourth for light trucks. One out of every ten light vehicles produced in the United States in 2012 was made in Kentucky. Kentucky is home to nearly 450 motor vehicle related facilities employing almost 75,000 people. In the last two years, 135 auto industry location or expansion announcements were made representing 7,200 new jobs and nearly $1.8 billion in new capital investments.
Governor Steve Beshear attended the Detroit Auto Show earlier this month for the unveiling of the 2014 Corvette Stingray which is made in Bowling Green. General Motors is in the process of a $131 million plant transformation to the Bowling Green plant.
Unique Granite and Marble Inc. plans to expand their manufacturing operations in Owensboro, creating 25 new full-time jobs and investing $400,000 in the project.
Unique Granite and Marble has been manufacturing custom granite and quartz countertops in Owensboro since 2004 after transitioning from home building and remodeling. The company currently employs 28. With the expansion, the company plans to establish a new division to produce countertops for large commercial and multi-family units throughout a six state region.
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $250,000 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.