$18 Million Expansion of Tempur-Pedic's Global Headquarters in Lexington to Create 65 Jobs
Tempur-Pedic is a billion-dollar company that started in Lexington, Kentucky, in 1993. It develops, manufactures, and markets advanced sleep products sold in over 80 countries. Tempur-Pedic CEO Mark Sarvary said his firm "couldn't be more pleased that our success is driving expansion into a new facility, creating new job opportunities right here in the heart of the Bluegrass."
The Kentucky Economic Development Finance Authority preliminarily approved Tempur-Pedic for performance-based tax incentives up to $8 million through the Kentucky Business Investment program. The incentive allows the company to keep a portion of its investment over a five-year period through corporate income tax credits and wage assessments by meeting job/investment targets.
A state-funded impact study shows the number of direct, indirect, and induced jobs that will result from Tempur-Pedic's existing and new employment is 772, and that these jobs provide an annual $72.8 million boost to Kentucky's GDP.
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