KY: Sherwood Bedding to Invest $11.1M, Create 150 Jobs in Walton
22 Apr, 2016
Gov. Matt Bevin announced Sherwood Bedding, a fast-growing independently owned manufacturer, will locate a 174,000-square-foot mattress production factory in Walton, investing approximately $11.1 million its operation and creating up to 150 jobs.
Sherwood Midwest could open as soon as next month in Boone County and will be the company’s fourth U.S. factory.
“Bringing the Sherwood Midwest facility to the Commonwealth represents a great win for Northern Kentucky and the state,” said Gov. Bevin. “We are grateful they recognize Kentucky is the right choice for Sherwood Bedding. Our workforce’s manufacturing experience and our shipping and logistics infrastructure make us the perfect partner. We welcome Sherwood Bedding to Kentucky and look forward to a lasting and productive relationship.”
Projected significant growth over the next five years helped the company determine it needed a new manufacturing facility. Sherwood currently owns manufacturing facilities in Florida, Texas and Arizona. Adding the Walton location will give Sherwood national coverage and the ability to expand its customer base while better serving its existing customers in the Midwest.
Company owners said logistical advantages influenced their decision to locate in Northern Kentucky. The company also noted the local labor pool, local and state laws, taxes and economic incentives as factors.
“The new location in Walton will be a major benefit to our company and we look forward to giving Sherwood Midwest a home in northern Kentucky,” said Kevin Sirop, chief financial officer for JLE Group, Sherwood’s parent company. “The site provides many advantages, logistical and otherwise, and Sherwood Bedding is thankful to the local community and the state for all their help in making this project a reality.”
Leon Ellman and his sons, Neil and Lance, established Sherwood Bedding in 2011. The Ellman family’s impact on the industry stretches back to the 1950s, when Leon’s father created Softex Mattress in his native South Africa. In the 1970s, the Ellmans founded International Bedding and the family built the company into one of the top bedding producers in the U.S. before stepping away in 2007 to focus on other ventures.
Since founding Sherwood Bedding in Fort Lauderdale, Fla., the family members opened manufacturing facilities in Phoenix, Orlando and Dallas, making the company one of the largest independently owned U.S. bedding manufacturers with national scope.
“This expansion of a fast-growing, independently owned company will further energize our regional economy and provide 150 additional jobs for hard-working Kentuckians,” said Sen. John Schickel, of Union. “I welcome the news and thank Sherwood Bedding for choosing to invest in our state by locating their new Sherwood Midwest operation in Walton.”
Rep. Sal Santoro, of Florence, said Walton is honored to be chosen by Sherwood Bedding for its Midwest operation.
“This announcement is important because it forges a relationship with one of the largest and fastest growing independently owned bedding manufacturers in the U.S. and further solidifies Kentucky as the nation’s premier location for manufacturing,” Sen. Santoro said. “The $11.1 million dollar investment and resulting 150 jobs is an incredible investment.”
Boone County Judge-Executive Gary Moore, board chair of Northern Kentucky Tri-ED, said Northern Kentucky makes an ideal location for the company’s new manufacturing facility.
“With our region’s talented workforce and geographic advantage, within 600 miles of 60 percent of the U.S. population, we look forward to Sherwood’s growth and success here,” Judge Moore said.
To encourage Sherwood’s investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.2 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, Sherwood can receive resources from the Kentucky Skills Network, which provides companies with no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
For more information on Sherwood Bedding, visit www.SherwoodBedding.com.
A detailed community profile for northern Kentucky can be viewed here.
For more information about Northern Kentucky Tri-ED, visit www.NorthernKentuckyusa.com. Northern Kentucky Tri-ED can also be followed through social media channels via Facebook, LinkedIn, Twitter and YouTube.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.