Barnett Industries Inc., doing business as Indy Honeycomb, a producer of metal honeycomb used in military, commercial and industrial applications, aircraft engine parts and power generation turbines, will invest nearly $1 million to expand its manufacturing facility in Covington, Kentucky.
The firm, which currently employs 29 employees and plans to add about a dozen more, said it plans to double production space, add office space and purchase equipment.
“Indy Honeycomb’s success can be traced to their early business vision – to make a complex product simple and easy to buy. That concept clearly works,” said Gov. Steve Beshear. “Now, the Commonwealth is partnering with Indy Honeycomb to see the company continue to grow and succeed, and the addition of 13 jobs and a $915,000 investment are proof of that success.”
As an incentive 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 $200,000 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.
“Incentives like this allow our business to move more decisively and proactively,” said Indy Honeycomb President Steve Barnett. “We now have the ability to provide additional space, equipment and technology to our committed team of employees, which allows us to better serve current customers and new clients alike. Having the ability to move on this initiative now, as opposed to waiting, helps us remain on the leading edge of our niche market.”
“We welcome the expansion of Indy Honeycomb, one of Covington’s most progressive businesses within the manufacturing sector,” said Covington Mayor Chuck Scheper. “The company’s technical expertise and product use within the commercial, military and industrial markets are well respected. Covington celebrates and thanks Indy Honeycomb for its vote of confidence as it continues to grow in our city and in northern Kentucky.”
“The Indy Honeycomb expansion clearly endorses the momentum we are experiencing in northern Kentucky and our advanced manufacturing sector,” said Gary Moore, chairman of Northern Kentucky Tri-ED and Boone County judge-executive. “Our existing industry base is the foundation of our success and Indy Honeycomb’s commitment to the northern Kentucky region is exciting for all of us. We congratulate the company and look forward to winning their confidence every day.”