Anchor Packaging Invests $7.6 Million To Establish Operations Center In Mount Vernon, Kentucky
The 165,000-square-foot Rockcastle County facility, located on Industrial Park Road, in Mount Vernon, Kentucky, adds to the 1.3 million square feet of production and warehouse space Anchor Packaging operates nationwide. Founded in St. Louis in 1963, Anchor Packaging manufactures specialized packaging products for the food service industry, including packaging for merchandising prepared ready-to-heat meals in supermarkets and restaurants.
“Anchor Packaging first came to Mount Vernon for the sale of the equipment located at the factory, initially thinking we would move the items to one of our other facilities,” said Robert R. Hermann Jr., chairman and CEO of Anchor Packaging. “Immediately following the sale things moved very quickly, with discussions of continuing work in Rockcastle County. We were concerned that government red tape might slow down the process and we wouldn’t be able to get the answers we needed in time to close.”
“However, the Rockcastle Industrial Development Authority and the Kentucky Cabinet for Economic Development came on the scene and were able to get us all our answers in a timely fashion,” he added. “The Rockcastle Fiscal Court and the Rockcastle County Industrial Development Authority worked diligently on the facility making it possible for us to be here today. This was a true private/public partnership, where both sides wanted something to happen, and we are happy to say that it did.”
“We welcome Anchor Packaging to Rockcastle County,” said Gov. Steve Beshear. “Anchor Packaging is approaching its 50-year anniversary, which is a proud milestone for a company that is building a rich history. One hundred and fifty new jobs and a $7.6 million investment will have a profound impact on the Rockcastle County area and will help build a more productive future for the community and Anchor Packaging.”
As an incentive to encourage the investment and job creation in Rockcastle County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $4 million 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.
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