Kentucky's Gov. Steve Beshear announces that Meaningful Use Technologies LLC, and Korean-based Arcron Systems Inc. are establishing their U.S. headquarters in a 5,000-sq. ft. facility in Newport, KY, to better serve customers in North American markets.
Together, the medical information technology firms will create 20 jobs and invest over $1 million in Campbell County's Northern Kentucky region. Newport hugs the Ohio River and is situated just south of its much-larger sister river city, Cincinnati, OH. This Blue Grass State location will be the first U.S. office for both companies.
The Kentucky Economic Development Finance Authority preliminarily approved each business for tax incentives up to $200,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to retain a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting their individual job and investment targets.
High-tech firms specializing in software development are a target industry for this region, said Steve Pendery, chairman of the Northern Kentucky Tri-County Economic Development Corporation. The presence of Northern Kentucky University's College of Informatics "will help supply qualified, cutting-edge employees for these outstanding companies."
"There is incredible opportunity in the healthcare industry and we know that Northern Kentucky [Newport] is strategically positioned to support the national headquarters for both companies," said Mark Morgan, chief executive officer of Meaningful Use Technologies. He added that the "strong outpouring of support" from the community and the enthusiasm this project received from the state "demonstrated an extremely strong business environment that will surround us with success."
A few generations ago, Newport was known as America's "Sin City" due to its unchecked and pervasive Mafia-sponsored illegal activities. But today, it has clearly broken free of its past. Many locals on both sides of the river approvingly call Newport the "south side of Cincinnati" to reflect its status as a rejuvenated city boasting numerous new tourist attractions and other large-scale, modern economic development projects, plus a safe and charming revitalized historical district.