A leader in food ingredient technology for the food processing and food service industries, Newly Weds Foods, will invest $57 million to establish a regional food production facility in northern Kentucky, with plans to create 115 jobs in Boone County.
Newly Weds Foods purchased an existing 326,000-square-foot facility located at 4455 Olympic Blvd. in the Circleport Business Park in Erlanger, Kentucky, near the Cincinnati/Northern Kentucky International Airport.
“Demand for our products is growing around the world, and northern Kentucky provides a central location with an excellent workforce and transportation system,” said Charles T. Angell, Newly Weds Foods president. “We will be able to improve our service to our customers with this facility in northern Kentucky. We appreciate the level of cooperation and assistance provided to us from Boone County, Tri-ED, the local business community up to the Governor’s office.”
“Newly Weds Foods is an international manufacturer and distributor of food ingredients that are used in thousands of products consumed around the world,” said Gov. Steve Beshear. “We’re proud to welcome Newly Weds Foods to northern Kentucky and the Commonwealth. Soon more retail products on grocery store shelves and prepared items on restaurant menus in North America will contain ingredients made in Kentucky.”
Gary Moore, Boone County Judge-Executive and chairman of Northern Kentucky Tri-ED said “Northern Kentucky is an ideal location for many companies because of our low cost of business, great workforce and logistical advantage. We thank Newly Weds Foods for its commitment to northern Kentucky and welcome this outstanding company to our community.”
As an incentive to encourage the investment and job creation in Northern Kentucky, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $6 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. The company was also approved for a $500,000 sales/use tax refund through the Kentucky Enterprise Initiative Act.
