Forklift manufacturer Hyster-Yale Group started construction on its $25.7 million expansion in Berea, Kentucky. The project will significantly boost capacity at the facility.
Hyster-Yale recently started construction on a 160,000-square-foot expansion of its facility on Menelaus Road in Berea, which will increase the size of the operation and greatly increase its manufacturing capacity.
“To maintain a competitive position in an evolving global market, our organization must adapt and constantly evaluate new projects and investments,” said Rodney Wilson, Director of Manufacturing – Americas for Hyster-Yale Group. “We appreciate the state of Kentucky working with us on this project, and we look forward to the initial phase of our manufacturing expansion in Berea becoming a reality.”
“Hyster-Yale has been a strong economic partner in Madison County, and we are excited to see the company build upon its impressive track record of success,” Governor Matt Bevin said. “Their investment affirms Kentucky’s status as America’s engineering and manufacturing hub of excellence, and we look forward to Hyster-Yale’s continued growth here in the commonwealth.”
Jim Davis, Chair of the Economic Development Committee within Berea’s city council, said the company is a great fit for the community. “Hyster-Yale has been a good corporate citizen for several decades and has supplied good jobs to our citizens,” Davis said. “I think this expansion shows their intention to stay here for years to come. I am glad the city played a part in helping with this project.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) approved Hyster-Yale for up to $600,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.In addition, Hyster-Yale can receive resources from the Kentucky Skills Network.