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Increase Company’s production capacity
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Employment at facility to ramp up to approximately 400 individuals
EVANSVILLE, Ind. & MADISONVILLE, Ky.--(BUSINESS WIRE)--Oct. 30, 2012--
At a news conference held at the Madisonville/Hopkins County Economic
Development Corporation, Berry Plastics Group, Inc. (NYSE: BERY),
together with Kentucky Governor
Steve Beshear
, announced that the
Company will reopen its Madisonville, Kentucky, manufacturing facility
to increase its production capacity.
“I am very pleased to announce that we will soon begin reconfiguring our
Madisonville, Kentucky, facility which is slated to begin production in
2013,” said
Jon Rich
, Chairman and CEO of Berry Plastics. “We are
extremely appreciative of the Commonwealth of Kentucky, Hopkins County
officials, and the city of Madisonville for their joint support of this
initiative, which will allow us to reopen the facility, creating the
opportunity for new jobs within the region and specifically the
Madisonville community.”
“This is a tremendous day for the Commonwealth, Madisonville, and Berry
Plastics, with more than 400 jobs being created and a significant
capital investment being made,” said Gov. Beshear. “Today’s announcement
is a demonstration that Berry Plastics continues to build on its growth
as a leading global manufacturer in its field.”
“Today is indeed a great day in Madisonville,” said Madisonville Mayor
David Jackson
. “The city of Madisonville welcomes Berry Plastics’
investment of capital and jobs to our industrial community. The
tremendous investment and large number of jobs will have a wonderful
impact on our community. Many of our citizens will have increased
opportunities to prosper economically leading to higher standards of
living. Our thanks go to Berry Plastics for making the decision to
invest in Madisonville, to the Commonwealth of Kentucky for assisting in
this project, the Madisonville/Hopkins County Economic Development
Corporation for steering the project, and the wonderful citizens of
Madisonville, whose work ethic and desire for growth makes this city
competitive in economic development.”
Berry acquired the Madisonville (Hopkins County) facility during its
acquisition of Rexam’s specialty and beverage closures business in
August 2011. Earlier this year, the Company shuttered the facility, as a
result of the redistribution of production to its other rigid closed top
manufacturing facilities. The facility had employed approximately 140.
Berry announced today that it will convert the facility to manufacture
rigid open top products.
To encourage the investment and job creation in Madisonville, the
Kentucky Economic Development Finance Authority (KEDFA) preliminarily
approved the company for tax incentives up to $10 million 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.
Over the next few years, Berry will ramp up employment at the facility
to reach a targeted employment level of 400. In early 2013, the Company
will begin accepting applications for these positions which are expected
to be filled predominately by residents of Kentucky.
“On behalf of the citizens of Hopkins County, I wish to applaud Berry
Plastics for choosing Madisonville and Hopkins County for this
significant investment,” said Hopkins County Judge-Executive
Donald
Carroll
. “We pledge as a community to work with Berry Plastics in
achieving success with this plant now and in the future. We are excited
about the tremendous number of jobs and investment and what that means
for Hopkins County. Our thanks go out to the Commonwealth of Kentucky
and the local economic development corporation for their efforts.”
KEDFA also approved Berry Plastics for tax benefits up to $450,000
through the Kentucky Enterprise Initiative Act, which allows approved
companies to recoup Kentucky sales and use tax on construction costs,
building fixtures, equipment used in research and development and
electronic processing equipment.
Kent Mills
, Chairman of the Madisonville/Hopkins County Economic
Development Corporation, said that the MHCEDC has worked with the
company for several months on the selection of Madisonville/Hopkins
County for this significant new project. He stated, “This new Berry
Plastics production facility represents one of the largest projects ever
announced in Madisonville and Hopkins County. We look forward to a long
and mutually beneficial relationship with the company and will work
closely as a partner to realize success for the company and community.”
Chairman Mills stated, “Locally, this was a team project.” He saluted
the partnership of the City of Madisonville, Hopkins County, MHCEDC, the
Commonwealth of Kentucky, Madisonville Community College, Kentucky
Utilities and Atmos Energy, for their diligence and cooperation on this
project. He also extended a personal thanks to Mayor
David Jackson
,
Judge Executive
Donald Carroll
, the members of the City Council and the
County Fiscal Court, Senator
Jerry Rhoads
and Representative
Ben Waide
for their support and assistance.
A detailed community profile for Madisonville (Hopkins County) can be
viewed at www.kentuckyedc.com.
On Facebook follow economic development at: Madisonville-Hopkins County
Economic Development Corporation.
About Berry Plastics
Berry Plastics Group, Inc. is a leading manufacturer and marketer of
plastic packaging products. The Company is a major producer of a wide
range of products, including open top and closed top packaging,
polyethylene-based plastic films, industrial tapes, medical specialties,
flexible packaging, heat-shrinkable coatings, specialty laminates, and
FIBCs. With headquarters in Evansville, Indiana, the Company serves over
13,000 customers, ranging from large multinational corporations to small
local businesses. For additional information, visit the Company’s
website at www.berryplastics.com.
Forward-looking statements
Certain statements and information included in this release may
constitute "forward looking statements" within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of Berry Plastics to be materially
different from any future results, performance, or achievements
expressed or implied in such forward looking statements. Additional
discussion of factors that could cause actual results to differ
materially from management’s projections, forecasts, estimates and
expectations is contained in the companies' SEC filings. The companies
do not undertake any obligation to update any forward-looking
statements, or to make any other forward-looking statements, whether as
a result of new information, future events or otherwise.
Source: Berry Plastics Group, Inc.
Berry Plastics Group, Inc.
Media Contact:
Eva Schmitz,
812-306-2424
evaschmitz@berryplastics.com
or
Investor
Contact:
Dustin Stilwell, 812-306-2964
dustinstilwell@berryplastics.com