An international adhesive and sealant manufacturer, Soudal Holding NV will invest nearly $21.2 million to acquire and expand Accumetric LLC in Elizabethtown, Kentucky. The firm will retain 85 jobs, with plans to create as many as 77 new positions.
Soudal will expand its 200,000-square-foot facility on Ring Road, including undertaking a series of technology upgrades. The move also will establish Soudal’s North American headquarters in Hardin County. Even with the change in ownership, the facility will still operate under the name Accumetric.
“Kentucky’s business-friendly environment, coupled with strong expansion options, helped to solidify our location decision,” said Soudal’s Chairman/CEO Baron Victor Swerts. “As a rapidly growing company, we need a business environment that will respond quickly to our needs, and the Commonwealth and Elizabethtown-Hardin County communities clearly fit this requirement. Soudal is excited to be investing in the Commonwealth of Kentucky and looks forward to the accelerated growth of Accumetric here in North America.”
Soudal was formed in Belgium in 1966 and is a global leader in sealants, foam and adhesives. The company operates in more than 100 countries. In acquiring Accumetric, Soudal inherits a company that has manufactured, packaged and marketed adhesives, sealants, lubricants and related products to domestic and foreign customers worldwide for more than 40 years.
“The Commonwealth is excited to welcome Soudal to our growing international corporate community,” said Governor Steve Beshear. “I know that the company could have located anywhere. The fact that it chose to grow in the Commonwealth is a strong testament to our pro-business climate and quality workforce.”
To encourage the investment and job growth in Hardin County, the Kentucky Economic Development Finance Authority preliminarily approved Soudal’s expansion for tax incentives up to $1.2 million through the Kentucky Business Investment program. The performance-based incentive allows the 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.
In addition, KEDFA also approved Soudal for tax benefits up to $300,000 through the Kentucky Enterprise Investment 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.
“We are incredibly pleased that Soudal has selected Elizabethtown as its new location,” said Elizabethtown Mayor Edna Berger. “Soudal will add significantly to our strong business environment in Elizabethtown.”