Independent Stave Company Plans $10 Million Manufacturing Plant In Morehead, Kentucky
Area Development Online News Desk (09/30/2013)
Independent Stave Company plans to locate a $10 million stave mill in Morehead, Kentucky, which will initially create 45 jobs, with the firm’s workforce growing to 70 within its first few years.
Established in 1912, Independent Stave Company manufactures white oak staves and is currently the largest barrel manufacturer in the world, marketing products in over 19 countries. The new Morehead stave mill will allow the company to meet growing global demand for American white oak.
“It is our priority to support our customers’ growth by maintaining a consistent supply of high-quality American white oak, even as demand continues to increase,” said Brad Boswell, president and fourth-generation cooper. “Adding a new stave mill to our portfolio builds for the future and further ensures we have wood available for the industry…Every day, millions of people all over the world enjoy beverages aged in the company’s wine and whiskey barrels.”
“Morehead is well situated near forests known for cooperage-quality white oak and also offers an excellent workforce – an ideal match,” said Boswell. “We look forward to becoming a contributing member of this community as we add this location to our corporate family.”
“Kentucky’s rich and storied history in the distillery industry makes for a perfect fit for Independent Stave Company and its products, which are in demand all across the world,” said Gov. Steve Beshear. “The location of the company’s new stave mill will not only bring 70 new jobs and a $10 million investment to the community, but will complement our network of Bourbon and wine distilleries across the Commonwealth.”
“This is truly an exciting day for Morehead, Rowan County and all of Kentucky, and I am thrilled with the construction of Independent Stave Company’s newest operation,” said Lt. Gov. Jerry Abramson. “Independent Stave Company is a family-owned business with more than a century of quality manufacturing under its belt. We are so pleased that Kentucky will be part of its manufacturing story for the next 100 years.”
As an incentive to encourage the investment and job creation in Rowan County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $950,000 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 Independent Stave Company for tax benefits up to $54,000 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.
Rowan County has also been certified by the Kentucky Workforce Investment Board as a Work Ready in Progress Community. The certification is an assurance to business and industry that the community is committed to providing the highly skilled workforce required in today's competitive global economy.