Terri Bradshaw named Vice President of State Economic Development Association

Posted on by Michael Randle

FRANKFORT, Ky. — The Kentucky Association for Economic Development (KAED) announced that Terri Bradshaw—an industry leader with three decades of experience spanning the economic and workforce development sectors—has been selected to become its next Vice President.

“We are elated to have Terri Bradshaw serve in this key leadership position,” said KAED President and CEO Haley McCoy. “Her extensive expertise and genuine commitment to KAED have been demonstrated over the years through her various roles in the association—from Executive Director of KIDC to serving as Secretary/Treasurer of our Foundation Board. I look forward to working alongside Terri in this new capacity and at this important time in Kentucky’s economic development history.”

KAED is Kentucky’s official economic development association, founded to represent diverse professionals across the Commonwealth who share a common interest in building and growing Kentucky. It is Kentucky’s premier professional development provider, a meaningful partner in Kentucky’s economic development and an advocate for practitioners of the state.

The Lane Report

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Nation’s Top Economists Are Short-Term Happy, Long-Term Glum

Posted on by Michael Randle

SAN ANTONIO—The good news: the U.S. is headed for growth this year, not recession. The bad news: there is as yet little prospect growth will be any better than before the pandemic.

That, for now, is the consensus of economists speaking at the annual meeting of the discipline’s largest association.

A year earlier, when the American Economic Association met in New Orleans, attendees wrung their hands over their collective failure to spot the rise of inflation before it got out of hand, and assumed it would take higher unemployment and a recession to get it down.

This year, they are grappling with an entirely different question: how did they underestimate the prospects for what increasingly looks like a soft landing—tamed inflation without a recession? On Friday, the Labor Department reported payrolls rose solidly in December and unemployment remained close to a half-century low at 3.7%. Economists polled by Dow Jones Newswires expect the Labor Department to report on Thursday that consumer prices rose 3.3% in December from a year earlier.

The Wall Street Journal

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Why the Southeast Is Winning EV Projects, With More on the Way

Posted on by Michael Randle

The southeastern United States has become a focal point for electric vehicle (EV) manufacturers and their suppliers as automotive original equipment manufacturers (OEMs) place their bets on EV plants that will usher in the EV era. These new plants are essential to the long-term growth plans of the OEMs, and a company’s location decision is particularly critical.

Key Considerations for EV Projects
The Southeast has already landed a significant number of new EV projects from both OEMs and their suppliers, and it is very likely to win even more. Like many competitive economic development projects, key factors for EV projects include logistics and supply chain, available and trained workforce, real estate, utilities, and incentives. When OEMs and their suppliers weigh these factors in their location decisions, the Southeast emerges as an ideal location. Moreover, southeastern states are making a concerted effort to land these projects as they represent the next generation of major domestic automotive manufacturing.

Area Development

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From Alabama to space: ULA’s Vulcan rocket blasts off on inaugural mission

Posted on by Michael Randle

APE CANAVERAL, Florida — United Launch Alliance’s next-generation Vulcan rocket lifted off for the first time early this morning on a mission that marked a new era of space capabilities for the company’s Alabama-made rockets.

ULA said the successful launch of the Vulcan took place at 2:18 a.m. EST today from Space Launch Complex-41 at Cape Canaveral Space Force Station. Payloads are heading to the Moon and include the ashes of several deceased “Star Trek” celebrities.

“Vulcan’s inaugural launch ushers in a new, innovative capability to meet the ever-growing requirements of space launch,” said Tory Bruno, ULA’s president and CEO.

ULA assembles the Vulcan rocket at its sprawling factory in Decatur, where it has also built the Atlas V and Delta IV launch vehicles being replaced by Vulcan.

ULA and its partner, Beyond Gravity, which makes payload fairings, are expanding the Decatur production site through projects valued at $350 million that will create a total of 200 jobs.

Vulcan’s first certification flight (Cert-1) mission included two payloads: Astrobotic’s first Peregrine Lunar Lander, Peregrine Mission One (PM1), as part of NASA’s Commercial Lunar Payload Services (CLPS) initiative to deliver science and technology to the lunar surface, and the Celestis Memorial Spaceflights deep space Voyager mission, the Enterprise Flight.

“The successful development and flight of this evolutionary rocket is a true testament to the unrivaled dedication and ingenuity of our workforce,” said Mark Peller, vice president of Vulcan Development.

“Vulcan’s purpose-built design leverages the best of what we’ve learned from more than 120 combined years of launch experience with Atlas and Delta, ultimately advancing our nation’s space capability and providing unprecedented mission flexibility,” he added.

ALABAMA DNA

ULA partner Beyond Gravity had four components on the Vulcan rocket: payload fairings, heat shield, interstage adapter and payload adapter.

“We started product development in 2015 and now are scaling up our production facilities in Alabama with our second factory coming online soon. The team of engineers and technicians have done a great job the last few years supporting this launch,” said Beyond Gravity Executive Vice President of Launchers Paul Horstink.

The Vulcan has another strong Alabama connection. Powering the new Vulcan rocket are Blue Origin’s BE-4 rockets, produced at the space flight company’s factory in Huntsville.

“The inaugural mission of ULA’s Vulcan rocket is another milestone that speaks to the immense contribution that Alabama’s aerospace workforce makes to the advancement of the nation’s space program,” said Ellen McNair, Secretary of the Alabama Department of Commerce.

“This is a great day for America, and a great day for the ULA workers in Decatur, Alabama who made this possible.”

ULA has sold more than 70 Vulcan launches to date, including 38 missions for Amazon’s Project Kuiper broadband satellite program and multiple national security space launch missions.

Amazon plans to deploy more than 3,200 Kuiper satellites over more than 80 missions, with ULA rockets booked for over half of those missions. Read about ULA’s first Kuiper mission.

MadeInAlabama.com

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Primordial Ventures selects Birmingham for medical supplies production hub

Posted on by Michael Randle

BIRMINGHAM, Alabama — Alabama Commerce Secretary Ellen McNair announced today that startup Primordial Ventures plans to launch a manufacturing operation in Birmingham to produce high-quality medical supplies and ensure a dependable domestic production pipeline for these goods.

Primordial Ventures, a veteran and minority-owned company, plans to create 30 jobs at the Alabama production facility, which is expected to begin operating early in 2024.

“Primordial Ventures will do more than just create new jobs at its Birmingham operation — this promising startup’s facility will also help to lessen our nation’s dependence on foreign sources for in-demand medical supplies,” Secretary McNair said.

“The pandemic’s supply-chain disruptions exposed the need for domestic production of these critical items, and that’s a core mission for this company,” she added.

MadeInAlabama.com

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RTX subsidiary wins $345M Air Force contract

Posted on by Michael Randle

Raytheon, a subsidiary of Arlington County-based aerospace and defense contractor RTX, won a $344.6 million U.S. Air Force contract modification, the Department of Defense announced Friday.

Raytheon will produce more than 1,500 StormBreaker smart weapons, which are air-to-surface, network-enabled weapons that can engage moving targets in all weather conditions, according to a RTX news release.

Work on the modification to a previously awarded contract will be performed in Tucson, Arizona, and has an expected completion of Aug. 30, 2028. The contract involves foreign military sales to Norway, Germany, Italy and Finland.

StormBreaker, a gliding precision bomb, is fielded on the F-15E Strike Eagle and the F/A-18E/F SuperHornet fighter aircraft, and testing is underway on all F-35 variants. In 2023, StormBreaker completed 28 test drops, according to a news release.

“With this contract, we’ll continue to evolve StormBreaker’s production to meet the needs of servicemembers for years to come,” Paul Ferraro, Raytheon’s president of air power, said in a statement.

RTX has more than 180,000 employees globally and reported $67 billion in net sales in 2022. The company rebranded from Raytheon Technologies to RTX in June 2023 and has three business units: Collins Aerospace, Pratt & Whitney and Raytheon. Virginia Business

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Gov. Beshear Joins WPT Nonwovens To Cut Ribbon on New $19.5 Million Manufacturing Center in Ohio County, Creating 35 Jobs

Posted on by Michael Randle

BEAVER DAM, Ky. (Jan. 8, 2024) – Today, Gov. Andy Beshear joined local officials and leaders from WPT Nonwovens Corp. to cut the ribbon on the company’s new $19.5 million state-of-the-art manufacturing facility in Ohio County, a project that is creating 35 new well-paying Kentucky jobs.

“There has never been a better time to grow your business here in the commonwealth and take advantage of the many unique resources this great state has to offer,” said Gov. Beshear. “WPT is a homegrown success story showing the world that manufacturing is thriving in Kentucky. I am excited to see the company continue to grow here in Ohio County. I want to thank WPT’s leadership for their continued investment in the commonwealth and congratulate them on this exciting next step as a company.”

The $19.5 million capital investment includes a 75,000-square-foot manufacturing center with a state-of-the-art carded nonwoven production line, which adds more than 12,000 annual metric tons of capacity for HVAC filtration media and hygiene fabrics to the company’s manufacturing capabilities. The project initially began as a $10.7 million investment in 2021 and has since grown significantly in scale. WPT’s investment will create 35 quality manufacturing jobs and bolster the domestic supply chain for these product lines for many other Kentucky finished product manufacturers.

“WPT is excited to meet the growing demand for American-made nonwoven filtration media and even more excited to continue doing so in Ohio County and the incredible community of Beaver Dam,” said Travis Robbins, president of WPT.

Founded in 2008, the company is a third-generation family-owned nonwoven manufacturer located in Beaver Dam, Kentucky. WPT is 100% American-owned, FDA-registered and a service-disabled veteran-owned small business (SDVOSB). WPT’s key nonwoven focuses are in the medical, hygiene, filtration and industrial markets operating three production facilities in Ohio County, six nonwoven lines and five medical products converting lines.

Ohio County Judge/Executive David Johnston welcomed the expansion and noted the close relationship the company has with the local community: “With great pleasure and enthusiasm, we extend our heartfelt congratulations to WPT Nonwovens Corp. on the exciting news of its expansion! This landmark achievement is a testament to the unwavering commitment, exceptional service and strong community bonds that WPT Nonwovens Corp. has built over the years.”

Beaver Dam Mayor Paul Sandefur is looking forward to seeing the company continue to grow and find success in Ohio County: “Congratulations on this remarkable expansion! WPT Nonwoven Corp.’s commitment to quality, customer satisfaction and community engagement laid the foundation for this commendable achievement, and we look forward to their continued success and industry excellence in the years ahead.”

Jason Chinn, executive director of the Ohio County Economic Development Alliance, highlighted the important role the company plays in the local manufacturing sector and is excited about the opportunities the project will bring to the area: “As WPT Nonwovens Corp. embarks on this new chapter of growth, we applaud their dedication to providing outstanding products and positive contributions to our business community. This expansion signifies their success and brings more opportunities for Ohio County’s growing manufacturing ecosystem. The local business landscape is thriving, and WPT Nonwovens Corp. continues to play a pivotal role in its vibrancy.”

WPT’s investment and job creation build on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced nearly 1,000 private-sector new-location and expansion projects totaling over $28.7 billion in announced investments, creating 51,265 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $591 million investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.

Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear has also announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority in May 2021 preliminarily approved an incentive agreement with the company under the Kentucky Business Investment program.

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.

For more information on WPT Nonwovens Corp., visit WPTnonwovens.com.

A detailed community profile for Ohio County can be viewed here. Team Kentucky

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Transportation and logistics company to invest $50 million in Botetourt County site, create 45 jobs

Posted on by Michael Randle

A Warren, Michigan-based transportation and logistics company will invest $50 million to open a new facility in Botetourt County, creating 45 new jobs.

Universal Logistics Holdings Inc. (NASDAQ:ULH) will spend the next year upgrading the 254,000-square-foot former Southern States building on U.S. 11 in Cloverdale and is expected to commence operations in 2025.

“Our expansion in the Roanoke region represents an exciting phase for Universal’s heavy truck division as we fortify our commitment to delivering top-tier services within the logistics and transportation sectors,” Universal CEO Tim Phillips said in a news release from the company.

Cardinal News

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New West India service to call Savannah

Posted on by Michael Randle

SAVANNAH, Ga. – Ocean Network Express will launch a new containership service between Savannah and West India in May 2024. The new offering will give the Georgia Ports Authority 10 services via the Suez Canal, with nine calling on the Indian subcontinent.

“ONE’s West India North America service recognizes a growing shift in global sourcing, with more manufacturers adding operations on the subcontinent,” said Griff Lynch, GPA president and CEO. “With the world’s largest population, India also represents a tremendous market opportunity for U.S. exporters. The Port of Savannah is strategically positioned to take advantage of this trend, providing more connections to India for supply chain flexibility.”

The new ONE announcement will give the Port of Savannah a total of 37 ocean carrier services to global destinations – the most of any port from the mid-Atlantic to the Gulf of Mexico.

India plays an increasingly important role in world trade, with an export volume of approximately $453 billion for merchandise, with an annual growth rate of 15 percent in 2022, according to World Trade Outlook and Statistics published by the World Trade Organization.

ONE’s new West India North America (WIN) service will offer a weekly route linking Hazira, Nhava Sheva, and Mundra to Savannah. The service will also call at Bin Qasim in Pakistan, as well as Damietta, Algeciras, and Jeddah, which offers further connection to Mediterranean destinations in combination with other services.

“At ONE, we strive to embrace and support our customers’ growth patterns. The rapid move of so many toward India is ripe for collaboration,” said Zach Connors, senior director and head of sales of ONE North America. “Our new WIN service is a flexible and dynamic product, designed to catalyze development of the India-North America market and beyond. Enhanced access to additional growing economies along this new route, by direct call and transshipment, will provide even further value to ONE’s partners in their pursuit of supplier/buyer diversification.”

The new service will feature a fleet of nine vessels, all of which are operated by ONE. In a statement, ONE said the independent nature of the WIN will provide reliability and flexibility to customers.

“At ONE, we have been committed to the India market since day one, and the new WIN is another milestone for our business,” said Apramapar Singh, general manager of India Marketing at ONE India. “Hazira container terminal is a gateway to the industrially vibrant belt of South Gujarat, North Maharashtra and Central India.”

The main commodities include consumer goods such as electronics, perishables, textiles and chemicals.

Service rotation
Bin Qasim – Hazira – Nhava Sheva – Mundra – Damietta – Algeciras – New York – Savannah – Jacksonville – Charleston – Norfolk – Damietta – Jeddah – Bin Qasim

About Georgia Ports:  Georgia’s ports and inland terminals support more than 561,000 jobs throughout the state annually, and contribute $33 billion in income, $140 billion in revenue and $3.8 billion in state and local taxes to Georgia’s economy. GPA anticipates investing $4.5 billion in the next ten years as part of its port master plan to expand cargo handling capabilities to support future supply chain requirements. As part of GPA’s community engagement efforts, $6 million will be donated to communities located near the Port of Savannah to support a multi-year, local workforce housing initiative. CNBC ranked Georgia #1 in the U.S. for infrastructure in America’s Top States for Business in 2023.    Area Development  – a site selection news outlet for the U.S., has ranked Georgia as the Top State to Do Business for ten consecutive years.  For further information, visit gaports.com or contact Chief Communications Officer Tom Boyd at tboyd@gaports.com or call (912) 964-3855.

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Crown Verity’s $9.7M expansion in Bowling Green will grow 73 jobs

Posted on by Michael Randle

FRANKFORT, Ky. —  Crown Verity USA Inc., a Canadian-owned grill and cookware maker, will expand its operation in Warren County with a $9.7 million investment, creating 73 Kentucky jobs.

The expansion will see the company increase its manufacturing capabilities and consolidate its fabrication operations to the Bowling Green location. The project will expand the facility by 5,000 square feet, which will bring the total operational space of the building to 65,000 s.f. and allow for additional equipment and workers.

“Crown Verity is excited to grow alongside the Bowling Green community. We are very appreciative of all the support from the state and local community,” said Andy Incitti, Crown Verity president. “Crown Verity started as a small distribution company, and now, over 32 years later, it’s grown to become one of the best outdoor grill manufacturers in the world, and we are thrilled to continue that tradition in Bowling Green.”

Crown Verity USA Inc. is a subsidiary of Crown Verity Inc., a leading manufacturer of high-performing outdoor commercial and residential cooking equipment that is based in Brantford, Ontario, Canada. The company has served the American and Canadian foodservice, industrial and home markets since 1990.

“Kentucky’s business-friendly ecosystem, prime location and access to resources make it an ideal destination for companies to locate, expand and thrive,” Gov. Andy Beshear said. “The decision by Crown Verity’s leadership to not only expand here but also consolidate the company’s fabrication operation in Kentucky is a testament to their trust and belief in what this great state has to offer.”

Warren County Judge/Executive Doug Gorman noted the positive impact the project will have on Bowling Green and the surrounding region: “This expansion will have a great economic impact in Southcentral Kentucky. We are grateful for businesses like Crown Verity that continue to invest in our community and our economy.”

Ron Bunch, Bowling Green Area Chamber of Commerce president and CEO, welcomes the company’s expansion and new job opportunities it will bring to the area: “It’s always exciting when a first-class company like Crown Verity surpasses their initial investment and job creation here in Bowling Green. The impact an additional 73 full-time jobs will have on Warren County will improve the quality of life for many in our community.” The Lane Report

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