Pratt Industries Builds Henderson County, Kentucky, Paper Mill-Box Factory
The company broke ground on the first of two facilities that will total 1.15 million square feet of space along Kentucky Highway 425. Earlier this year Pratt announced a $400 million investment, which has since grown to $500 million to support construction of a 500,000-square-foot box factory. Construction of the box factory will be completed by 2023.
“It’s an honor to join Governor Beshear and the community of Henderson as we break ground on our $500 million green manufacturing investment,” said Anthony Pratt, executive chairman of Pratt Industries. “Our Henderson paper mill and box factory is the single biggest investment our company has ever made and will create 1,000 jobs, including American, green-collar manufacturing and construction jobs.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in July preliminarily approved an incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide tax incentives based on the company’s investment and annual job and wage targets.
Additionally, KEDFA approved Pratt for tax incentives through the Kentucky Enterprise Initiative Act. 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.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
“As work continues to help our Western Kentucky communities heal after last week’s unprecedented storm, the arrival of Pratt Industries to this region will be an important part of that recovery process,” Governor Andy Beshear said. “Not only is this new operation going to create quality job opportunities for hundreds of Kentucky residents, the generosity shown by Pratt leadership during this difficult time also proves the company will be a perfect fit for Henderson and the surrounding area. I want to thank Anthony Pratt and his team for their commitment to the commonwealth. This is the start of a great partnership that will improve the lives of families throughout the region.”
In addition, Pratt can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
“Today is an exciting day for Henderson,” added Missy Vanderpool, executive director of Henderson Economic Development. “The Henderson team has continued to work tirelessly on the Pratt Paper project. We could not be more proud of the Henderson team for their efforts. We feel very fortunate to have Pratt Paper as part of our community.”
Georgia-based Pratt Industries produces lightweight, high-strength containerboard and corrugated board sourced from 100% recycled paper. The company employs more than 10,000 people in nearly 30 states.
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