BOONE COUNTY - Lyons Magnus Inc., a foodservice packaging company with 120 employees in Boone County, plans to add 50 jobs and invest $5 million as it expands operations in Northern Kentucky, the company announced Wednesday.
Lyons Magnus plans to purchase land to build a new facility for food processing, warehousing space and shipping, as well as add a new production line at its existing operation.
"We are excited to continue the expansion of our Kentucky facility as we grow our market share in the foodservice and industrial markets we serve," said Lyons Magnus Chairman and CEO Robert Smittcamp. "The Kentucky facility is an important asset as this location allows us to service 60 percent of the U.S. population from this central location. We appreciate Kentucky's willingness to assist our expansion efforts, as well as the positive business climate that allows us to execute our strategic planning on a timely basis."
To encourage the investment and job growth in northern Kentucky, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $400,000 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.
"Lyons Magnus has found a perfect fit in Northern Kentucky, with a number of logistical and workforce advantages," Gov. Steve Beshear said. "This expansion means new jobs and millions of dollars in investment, providing a clear picture of the success the company is enjoying in the Commonwealth."
"Lyons Magnus joins a thriving roster of expanding companies in Northern Kentucky," said Gary Moore, chairman of Northern Kentucky Tri-County Economic Development Corp. (Tri-ED) and Boone County judge-executive. "We appreciate their confidence in Northern Kentucky, and thank them for their substantial investment and job creation in Boone County and the region."
The Lyons Magnus announcement adds to recent strong momentum for economic development in Northern Kentucky.
On Tuesday, Messier-Bugatti announced it will expand its facility in Northern Kentucky and increase its workforce by 10 percent.
Last week, Southern Air announced it would move its global headquarters to Northern Kentucky with 150 jobs in the City of Florence.
ZoomEssence announced it will create 20 jobs and invest more than $3 million in its Northern Kentucky research and development location in Hebron.
Two weeks ago, Balluff Inc. and Kentucky officials broke ground on the company's new U.S. headquarters building in Independence. Balluff expects to add 24 new, full-time Kentucky resident jobs and invest $6 million as part of the expansion.
Westpack announced on Feb. 11 that it would make a $4.49 million investment and establish a bottle decorating and packaging manufacturing facility in Covington with 63 new jobs.
On Feb. 4, Newly Weds Foods and Northern Kentucky Tri-ED announced the company would purchase an existing 326,000-square-foot facility at 4455 Olympic Boulevard in the Circleport Business Park in Erlanger, invest $57 million and create 115 new jobs.
For more information on Lyons Magnus, visit www.lyonsmagnus.com.