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Tiffany & Co. Invests $2 Million In Lexington, Kentucky, Production Facility

Area Development Online News Desk (04/25/2013)
Tiffany & Co. is investing $2 million to expand its manufacturing operations in Lexington, Kentucky, creating 75 full-time jobs. The expansion comes less than two years after the company’s grand opening in Lexington.

Tiffany first broke ground on the 25,000-square-foot jewelry manufacturing facility in November 2010, and held a grand opening in September 2011. Located on four acres in the Blue Grass Business Park, the facility currently employs 125 people and produces a variety of the highest quality jewelry, including many of Tiffany’s diamond engagement and other fine jewelry pieces.

“Without any doubt, we made the right decision to build our facility at the Blue Grass Business Park, where we now boast a workforce of 125 highly valued employees,” said John Petterson, Tiffany’s senior vice president of operations and manufacturing. “Now we’re ready to capitalize on our achievements, which is truly gratifying and a tribute to the city of Lexington and the Commonwealth of Kentucky, our partners in creating a world-class jewelry manufacturing center that meets Tiffany’s standards of quality and craftsmanship.”

“Beauty and grace are two words that come to mind with Tiffany & Co., but growth and success are evident here, with 75 new jobs and a multi-million-dollar investment,” said Gov. Steve Beshear. “There are few companies in the world that can boast the type of brand recognition that Tiffany & Co. enjoys, and we are proud to have its magnificent products crafted right here in the Commonwealth.”

As an incentive to encourage the investment and job growth in Lexington, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.5 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.

“It says a lot about Lexington when so many global brands have chosen to locate here, and it means even more when they flourish and continue to grow,” said Commerce Lexington Inc. President and CEO Bob Quick. “It’s our promise as an organization to continue to support companies long after they come here to ensure that they have the tools for long-term success.”

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