Lubrizol Advanced Materials Invests More Than $108 Million To Expand Its Louisville, Kentucky, Manufacturing Center
Area Development Online News Desk (09/25/2013)
Lubrizol Advanced Materials Inc., a subsidiary of The Lubrizol Corporation, plans to invest more than $108 million to expand its manufacturing facility in Louisville, Kentucky, creating 25 jobs. The firm’s Louisville expansion will include the construction of a new chlorinated polyvinyl chloride resin and compounding facility at the company’s current Bells Lane location, which employs about 140 people.
“Lubrizol is committed to ensuring product availability and quality for our global CPVC customers,” said Sam Striegel, Plant Manager. “Our Louisville expansion, combined with our other CPVC expansion efforts, will further position us to meet global demand as well as better serve the needs of our existing and future customers to help them achieve their business success.”
A Berkshire Hathaway company, the company’s technologies include lubricant additives for engine oils, driveline and other transportation-related fluids, and industrial lubricants, as well as additives for gasoline and diesel fuel. Lubrizol also makes ingredients and additives for home care and personal care products and pharmaceuticals, as well as specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives.
“Lubrizol’s $108 million investment and 25 new jobs in Louisville show the company’s commitment to achieving business success here in the Commonwealth,” said Gov. Steve Beshear. “For a company with locations all over the world, this expansion shows that Lubrizol values our state, our strategic location and our top quality workforce.”
As an incentive to encourage the investment and job growth in Louisville, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $480,000 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.
KEDFA also approved Lubrizol for tax benefits up to $740,000 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.
“Lubrizol’s expansion, which includes a $108 million investment and 25 new jobs, demonstrates Louisville’s willingness and capacity for meeting the needs of vibrant and growing companies,” said Louisville Mayor Greg Fischer. “This illustrates the success we can all share as a result of a healthy local and regional economy.”
“Lubrizol’s exciting expansion news is further evidence of why Forbes recently recognized Louisville as a manufacturing boom town,” said Greater Louisville Inc. President and CEO Craig Richard. “Already a powerhouse in Louisville’s burgeoning advanced manufacturing sector, Lubrizol’s selection of Louisville for expansion is a real testament to our community resources and our strong talent pool.”