3M Spending $4.2M To Enhance Kentucky Facility
The Kentucky Economic Development Finance Authority preliminarily approved 3M Company for tax incentives up to $2.5 million through the Kentucky Reinvestment Act, a program expanded last summer to assist companies that need to make significant capital investment in Kentucky facilities in order to remain competitive.
"Kentucky is proud to be the home of an internationally known company like 3M, a company whose products have become a part of our everyday lives at home and work," said Kentucky Gov. Beshear.
"The Commonwealth is pleased to partner with 3M to make this multi-million dollar investment possible, one that not only retains more than 500 Kentucky jobs, but creates future opportunities for new jobs."
3M's Cynthiana plant manufactures Post-it Notes, Post-it Easel Pads and Scotch Packaging Tapes. The reinvestment project will enable 3M to remain competitive by improving cycle time, reducing inventories and better controlling costs.
"We are very pleased that the Kentucky Legislature and Gov. Beshear supported the passage of the Kentucky Reinvestment Act, which will help us bring this new investment into 3M Cynthiana," said Ann Getting, 3M Cynthiana plant manager.
3M has had the Kentucky production facility up and running for over 40 years.
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