French-based Cosmetics and hair care manufacturer L’Oréal USA, will invest $42 million to expand its production facility in Florence Kentucky, with plans to create 211 jobs in the northern part of the Commonwealth.
“L’Oréal’s business is growing globally, and the expansion will enable us to meet increased consumer demand for the popular hair care brands we are producing in Kentucky,” said Eric Wolff, plant manager. “The Florence plant is a center of manufacturing excellence for the L’Oréal Group, and the decision to expand US production here will result in significant economic benefit for Kentuckians.”
With its manufacturing facility located at 7080 New Buffington Road in Florence, “L’Oréal is a household name, a global brand and a leader in its industry,” said Gov. Steve Beshear. “We’re proud to have L’Oréal in northern Kentucky and excited to see more than 200 new jobs and a $42 million investment on the way. The Commonwealth’s partnership with L’Oréal demonstrates the quality of workforce in northern Kentucky, as well as the advantages that come with such an ideal location for business.”
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 $5 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.
In addition, KEDFA also approved L’Oréal for tax benefits up to $800,000 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.
“The announcement of L’Oréal’s expansion showcases the growing list of high quality manufacturing companies who have located and expanded in our area,” said Gary Moore, Boone County judge-executive and chairman of Northern Kentucky Tri-ED. “Northern Kentucky continues to be a natural location for manufacturing operations because of our low cost to operate, great workforce and logistical advantage. We thank L’Oréal for its ongoing confidence in northern Kentucky, and we will continue to meet their high expectations.”