KY: Soudal Holding NV to Acquire Accumetric, Expand Elizabethtown Facility
12 Jun, 2014
Governor Steve Beshear joined community leaders and officials from Soudal Holding NV to announce the company will acquire and expand Accumetric LLC in Elizabethtown.
Soudal, an international adhesive and sealant manufacturer, will retain the 85 jobs currently at the facility and plans to create as many as 77 new positions.
“The Commonwealth is excited to welcome Soudal to our growing international corporate community,” said Gov. Beshear. “I know that the company could have located anywhere. The fact that it chose to grow in the Commonwealth is a strong testament to our pro-business climate and quality workforce.”
Soudal plans to invest nearly $21.2 million in the project, which will entail technology upgrades and an expansion of the 200,000-square-foot facility on Ring Road. The move also will establish Soudal’s North American headquarters in Hardin County. Even with the change in ownership, the facility will still operate under the name Accumetric.
“Kentucky’s business-friendly environment, coupled with strong expansion options, helped to solidify our location decision,” said Soudal’s chairman and CEO Baron Victor Swerts. “As a rapidly growing company, we need a business environment that will respond quickly to our needs, and the Commonwealth and Elizabethtown-Hardin County communities clearly fit this requirement. Soudal is excited to be investing in the Commonwealth of Kentucky and looks forward to the accelerated growth of Accumetric here in North America.”
Soudal was formed in Belgium in 1966 and is a global leader in sealants, foam and adhesives. The company operates in more than 100 countries.
In acquiring Accumetric, Soudal inherits a company that has manufactured, packaged and marketed adhesives, sealants, lubricants and related products to domestic and foreign customers worldwide for more than 40 years.
To encourage the investment and job growth in Hardin County, the Kentucky Economic Development Finance Authority preliminarily approved Soudal’s expansion for tax incentives up to $1.2 million through the Kentucky Business Investment program. The performance-based incentive allows the 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.
KEDFA also approved Soudal for tax benefits up to $300,000 through the Kentucky Enterprise Investment Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
“Having Soudal’s North American headquarters in Elizabethtown will be a tremendous opportunity for Hardin County and Kentucky,” said Sen. Dennis Parrett, of Elizabethtown. “The new jobs and the investment in our industrial base will benefit our community, the region and the state. I welcome our new corporate friend and look forward to building on this partnership to bring even more jobs to the region.”
“I want to welcome Soudal to Hardin County and would like to say how proud I am of our community’s workforce and quality of life, because both played critical roles in this decision,” said Rep. Jimmie Lee, of Elizabethtown. “I also want to thank Gov. Beshear and our local and state economic development leaders for their roles in making this possible. This announcement is great news.”
“We are incredibly pleased that Soudal has selected Elizabethtown as its new location,” said Elizabethtown Mayor Edna Berger. “Soudal will add significantly to our strong business environment in Elizabethtown.”
“We are delighted that Soudal has decided to call Hardin County home,” said Hardin County Judge-Executive Harry Berry. “This is great news for the county and proof that our region’s low cost of business and qualified workforce make it a strong location for companies looking to expand operations.”
For more information on Soudal’s domestic operations, visit www.soudalusa.com.
Kentucky has witnessed great success in attracting foreign companies to the Commonwealth. Last year, almost 40 percent of new investment and more than 30 percent of new jobs came as a result of foreign direct investment. Almost one in five of Kentucky’s announced projects in 2013 came from foreign-owned companies.
A detailed community profile for Elizabethtown (Hardin County) can be viewed here.
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 at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky. Watch the Cabinet’s “This is My Kentucky” video on YouTube.
The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2013 totaled more than $3.3 billion, spurring more than 14,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.